Interesting following the FOMC’s relatively hawkish statement on Wednesday their time US longer dated bond yields have actually slipped lower with the 30-years making fresh 4-month lows overnight, a move which undoubtedly helped the rally by US tech. We have felt that bonds were building too many hikes into their last 12-months advance and this crowded view is now unfolding as expected. However a little more panic on the downside and MM is likely to try and catch this particular falling knife going long yields / short bonds.
MM remains a keen buyer of US 30-year bond yields under 2.0% (short underlying bonds)
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