PremiumHere We Go Again: Basis Trade Disintegrates Sending Gold, Euro, Yen Soaring, Yields Trip Bessent's "Redline" As Dollar Plummets
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Here we go again.
We won't waste your time repeating virtually everything we have said in the past few days, suffice to say that we once again find ourselves where we were on Tuesday morning, just as the basis trade was disintegrating as indicated by the sudden, rapid collapse in the 30Y Swap Spreads which are now where they were before Trump's pivot on Wednesday...
