The Treasury yield should be regaining traction as positively attached to growth. A "hedged" position from unemployment day remains, short Treasury and short SP. The "pro-growth" position is long SP and long Ts.. A debt situation resolution that does not engender better growth prospects could be the developing outcome. The most common position, long Ts and short SP has been a pure alpha trade on both ends and thus, neither a spread nor a hedge. The system is "riskier" yet the prospects for reward are diminishing, not a good development.

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