TNX ZN TKT ZB - 10Year / 20Year / 30YearSh_t Mixed remain Bonds... every flight to Safety has been utterly and systematically
crushed.
It will be again and again as our Bond Market losses its Pillars of which there are 4.
One by one these are failing.
Longer-term, the lose/lose proposition will compound.
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Short term, we'll see how YCC and an overall Market Panic can trend Yields.
The Fed has permitted the Bond Market to generate the necessary adjustments.
Strenght - historically has been in control of only the short end.
Operation twist is no longer relevant, the FED can simply clip coupons and trend into
expiration of Holdings while reinvesting across the entire Curve.
Sadly, engaging in Yield Curve Control (YCC) crossed the Rubicon.
My thesis has been proven entirely correct - instability by design.