'Revenge Of The Payers' - Nomura Fears Global Bond Bloodbath As 'Macro Dysfunction Strikes Back'

Just as the U.S. Equities story “right-side” of the distribution was getting interesting again (and we were on the cusp of rallying up into Options Dealers’ “Short (OTM Call) Strikes” above 6000 and beyond in the SPX), Nomura Managing Director and macro stratgeist Charlie McElligott warns macro-dysfunction strikes back...