Whether it was Ray Dalio or Peter Schiff warning of a debt crisis, about every second post on ‘X’ being bearish on bonds, a large intraday reversal in crude, safe-haven buying ahead of a likely US government shutdown or simply reflective of stretched positioning before quarter-end, something strange happened in US Treasuries on Thursday: prices went up, sending yields lower. Jokes aside, the price action caught my eye, especially the moves in the longer end of the US bond curve that resembled a crime scene earlier this week given the amount of blood that had been shed. A savage early sell-off was reversed and then ... (full story)