NA

[NA @hwrtbg]

@Sherborne_Cap You bastard

[NA @hwrtbg]

@Sherborne_Cap @DanielKral1 Yea I agree, if they hadn’t done it before and telegraphed it all, and asked themselves today: ‘should we start selling gilts’ the answer would unambiguously be no.

[NA @hwrtbg]

@Sherborne_Cap Been there for a while cos people keep having spectacular blow ups in the strip betting that growth will collapse and unwind any inflation spike…

[NA @hwrtbg]

@Sherborne_Cap 312? 225? Neither?

[NA @hwrtbg]

@Sherborne_Cap How’s the central risk book ?? That’s what I want to know

[NA @hwrtbg]

@Sherborne_Cap What’s ur risk case - ground invasion?

[NA @hwrtbg]

@Sherborne_Cap How come? U bullish rates?

[NA @hwrtbg]

@TraderBillyAU @Fullcarry Tks mate good weekend

[NA @hwrtbg]

@TraderBillyAU @Fullcarry More hawkish now more dovish later. Just need the front fixing to be soon enough that you still capture the hawkish bit, and don’t get killed in a massive bull steepening :)

[NA @hwrtbg]

@TraderBillyAU @Fullcarry Hadn’t seen that, also hadn’t seen u6h7 is at par. Quarterly spreads are pretty symmetric, i.e. after u6h7, u6u7 adds 9bp flattening, u6z7 another 9bp…

it still doesn’t seem like much

[NA @hwrtbg]

@TraderBillyAU @Fullcarry U think Z6z7 and the like have more flattening in them then??

[NA @hwrtbg]

@AitkenAdvisors Venezuela? Brute force?

[NA @hwrtbg]

@macrogliblyglo1 Is this that surprising? People fighting the last war and demand destruction argument didn’t matter in Covid

[NA @hwrtbg]

@Sherborne_Cap Lol and guess what’s all working today…. Long commods long risk short bonds

A legend for a reason

[NA @hwrtbg]

@Sherborne_Cap That’s what I thought when listening to the bond bit… he explained it and I thought yeah but that’s not a portfolio hedge?

[NA @hwrtbg]

@dMacro_dBS @rev_cap But why would bull flattening be wrong in this scenario?

[NA @hwrtbg]

@Sherborne_Cap Sorry for naivety but what does this have to do w the debasement trade?

[NA @hwrtbg]

@Sherborne_Cap What’s the crack with this plumbing wise though - can they actually shrink the b/s much? Or you saying they’ll just switch it to bills and so even if size isn’t changed much, curve still steepens and risk craps it?

[NA @hwrtbg]

@macrogliblyglo1 What part of the labor market? U3/u6 trending higher? I’m not so sure given direction of claims and resilience of consumer + capital spending