• February's UK gilt sell-off was the biggest in 20 years. Chart from Barclays. https://t.co/cj7AjjOA2e
    Bond Vigilantes Mon 01 Mar 2021 11:20
  • All busts identified now. From left to right: Lord Featherington (from Bridgerton), Tom Hanks, Vladimir Putin, Baron Bombast (Chitty Chitty Bang Bang). https://t.co/9UddRCMEdw
    Bond Vigilantes Mon 01 Mar 2021 11:15
  • RT @adam_tooze: Since bond vigilantes are very much in the news right now e.g. @RobinWigg excellent piece Link Lets tal…
    Bond Vigilantes Mon 01 Mar 2021 07:09
  • RT @RobinWigg: How this bond bust stacks up versus the dotcom bubble, the taper tantrum and 1994. https://t.co/yDHHyMg1tK
    Bond Vigilantes Fri 26 Feb 2021 11:32
  • RT @Vishishtaya1: What's convexity? It can be understood in two ways: First, as your yield decreases (increases), a bond price increases (d…
    Bond Vigilantes Fri 26 Feb 2021 11:02
  • This creates a vicious circle; higher yields means you have to sell some duration, which means that yields go up, which means you have to sell some duration.... #convexityhedging
    Bond Vigilantes Fri 26 Feb 2021 08:22
  • In a falling yield environment they won't have "enough" duration as pre-payments go up; in a bear market like this, they will have far fewer pre-payments and thus will be longer duration than they want to be. They have to then go out and sell more bonds to get duration down.
    Bond Vigilantes Fri 26 Feb 2021 08:22
  • Convexity hedging: in the US homeowners tend to borrow long (30 years is common) and have a free option to re-finance that loan if rates fall. Means that portfolio managers owning mortgage backed bonds have to model assumptions for the duration of their portfolios...
    Bond Vigilantes Fri 26 Feb 2021 08:17
  • UST sell-off led by the real yield. Inflation expectations have been falling the last couple of sessions. Suggests this might not be "reflation trade" driven, but is about supply etc. Convexity hedging of US mortgage bonds being talked about a lot this morning.
    Bond Vigilantes Fri 26 Feb 2021 08:17
  • Treasuries recovering a little in Asia overnight (-5 bps to 1.47%); Australia unexpected did a round of Yield Curve Control intervention in its government bond markets (but 10 years still +18 bps); Italian 10 year BTPs under-performing and now 106 bps over bunds.
    Bond Vigilantes Fri 26 Feb 2021 08:12
  • RT @vtg2: Just saw someone refer to what’s going on with Treasury yields as a “taperless tantrum,” and I think I’ll keep that one.
    Bond Vigilantes Thu 25 Feb 2021 21:46
  • RT @dev_nieus: @NYTStyles This Is The Coat To Wear To Davos https://t.co/z6XkzTn5Mm
    Bond Vigilantes Thu 25 Feb 2021 16:26
  • The focus of today's bond pain is: 5 year USTs (Fed AIT credible?), peripheral Europe (Italian BTPs +10 bps at 10 year), Aussie/NZ/Canada (Kiwi 10 year + 18 bps. 2021 rate hikes?).
    Bond Vigilantes Thu 25 Feb 2021 14:41
  • RT @jsblokland: Look who just turned positive! #France's 10-year government bond #yield. https://t.co/fhMJbJS7zr
    Bond Vigilantes Thu 25 Feb 2021 12:11
  • +9 bps.
    Bond Vigilantes Thu 25 Feb 2021 11:41
  • Rises in government bond yields in the past week have been driven by rising real rates, with inflation expectations slightly lower. The exception is the UK where real rates are down and inflation expectations are up over 15 bps at 10 years. https://t.co/lIPBIuYPWE
    Bond Vigilantes Thu 25 Feb 2021 09:21
  • RT @PeterContiBrown: Having fun with some 1970s Fed history today and enjoyed learning that Arthur Burns in 1977 sent the just-inaugurated…
    Bond Vigilantes Wed 24 Feb 2021 17:15
  • Ok make it +8 bps.
    Bond Vigilantes Wed 24 Feb 2021 13:50
  • Long dated gilts. Here we go again. +5 bps. https://t.co/601ufd1NLA
    Bond Vigilantes Wed 24 Feb 2021 10:00
  • Yet another 8 bps move higher in 30 year gilts... Now 1.34%.
    Bond Vigilantes Tue 23 Feb 2021 15:19
  • The US Treasury sell-off and steepening yield curve have left the 10 year forward rate around 3%. Huge turnaround since the <1.5% seen in 2020. Leaves it above the FOMC's median "long term" Fed Funds rate. https://t.co/BWdPbna6fa
    Bond Vigilantes Tue 23 Feb 2021 10:34
  • Petrobras long dated $ bonds off 6+ points after President Bolsonaro fired its CEO.
    Bond Vigilantes Mon 22 Feb 2021 14:08
  • RT @ReutersJamie: Brazilian markets plunge after President Bolsonaro moves to replace Petrobras CEO with army general (who has no experienc…
    Bond Vigilantes Mon 22 Feb 2021 14:03
  • Ouch. Australian 10 year government bond yields +17 bps. https://t.co/P3MHl15Ovx
    Bond Vigilantes Mon 22 Feb 2021 11:08
  • RT @holland_tom: Up bright & early for today's stroll through the capital: a tour of Roman London. We shall walk the line of the city walls…
    Bond Vigilantes Mon 22 Feb 2021 08:53
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