With yields testing 5%, it's a natural position to cover, but it's the implications that are both bullish for bonds and largely bearish for the market.
Markets temporarily reversed following a message on X by Bill Ackman. The five-word message, "We covered our bond short." With yields testing 5%, it's a natural position to cover, but it's the implications that are both bullish for bonds and largely bearish for the market.
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