Note de episod
It's very rare for us to see yields spike on the long end of the Treasury curve without some sort of headline event or shock. However, the bear steepener has been creeping higher all summer, and with outstanding U.S. debt surpassing $40 trillion, apparently that was the benchmark the bond market needed to wake up with one hell of a hangover. Other things happened too like jobs reports, Jackson Hole, and supply driven inflation, but we'll drink to all those eventually too.
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