... and that ain't in Timmy the Tax Cheat Treasuries.
We pointed out last month that the world's biggest bond fund manager said Treasuries are for suckers. Now we learn that he has sold every last Treasury bond from his fund. This is a truly gargantuan bet against U.S. Treasuries.
If the world's biggest bond fund manager won't touch the $1 trillion-plus in new issuance every year, to say nothing of rolling maturing debt, who's going to buy Timmy's junk when the Dirty Fed stops its QE2 monetization? That debt ain't gonna monetize itself, you know.
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Too many people are bearish on the long bond, yet it is where it is.
I think it is where it is because the Dirty Fed is manipulating the market by printing money to buy 70% of issuance.
We'll see where rates belong when and if the Dirty Fed stops QEx monetization.
If I were a betting man, I'd say mispricing caused by Fed manipulation offers a pretty juicy trade opportunity.
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