Frustratingly our call of higher bond yields / inflation for the last 4-months only really delivered at the short end of the curve i.e. 2 & 5-year yields. Our position looking for higher yields in longer dated yields has failed to get excited and we would rather scratch this position than watch a small profit become a loss – if we are correct with our 2022 outlook in terms of rates likely to pause, the reason for this position has now gone.
MM believes its time to cut our TBF position
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ProShares Short 20+ year US Treasury ETF (TBF US)
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ProShares Short 20+ year US Treasury ETF (TBF US)
