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Treasury Yields Just Flash-Crashed
Treasury yields have been pressing higher all week on an unending wave of offers, despite an already record short speculative position. However as 10Y Yields approached the Maginot Line of 3.00% today, the bond buying began and then accelerated and then turned into a mini-flash-crash, plunging yields 11bps... Treasury futures also spiked at the same time on extreme volume... Over 44,000 contracts in 10Y Treasury futures traded in 1 minute The long-end was also hit hard... And Ultra futures spiked... The entire curve erased the week's losses... And as Treasury futures sold back off from their flash smash, so gold was ... (full story)
Medium Impact
Breaking