Everyone cheering the 10-year auction is walking straight into a trap

[Nico Brooks 71]

Ngl seeing everyone pop champagne over this latest 10-year Treasury auction is wild to me. The mainstream media and half the chatter on here are acting like US bonds just solved all our problems while Europe burns. Hold on a second, are we just ignoring the massive supply coming down the pipe and stickier inflation? Sure, the auction went okay and yields dipped a bit, but this feels like a classic dead cat bounce in a secular bear market for fixed income. Everyone is buying the narrative that the Fed is about to pivot and bail everyone out, getting massive FOMO over a tiny relief rally. I’m fading this strength because the debt load isn't going anywhere and foreign demand is super sketchy long-term. Am I the only one actually looking at the macro data instead of just trading the headline pop?

 

[LeoSterling]

Bro you're so right, macro guys are completely clueless right now. Total liquidity trap before the real flush. SL hit on my long this morning and now I'm just watching the bloodbath. Send it down already, let's get it over with.