As Bonds Slide, Here’s A Look At The Behind The Scenes Action

Ok, look: bonds are under some notable pressure on Tuesday.

Clearly, some of that’s tied to the Fed and uncertainty about whether we will or won’t know anything more tomorrow than we know today about balance sheet normalization.

But you also have to put this in the context of the German Ifo print which set the tone early this morning and of course the risk-on sentiment in equities occasioned by earnings beats (whatever ‘beats’ means these days) from several bellwethers.

And then, if you just scan the tape, there are all kinds of notable trades.

First of all, here’s 10Y yields:

And here’s the 30Y:

And here’s bund yields on the day:

Ok, but again, there’s some notable background action here which I suppose you can write off as inconsequential or otherwise not interesting if you want, but on the off chance you care, just scan this brief bullet point summary via Bloomberg and make of it what you will: