WEEKLY WRAP-UP (s2023 e14)

for the week ending Friday, October 13th, 2023

I have recently abandoned my long-standing bond bear posture. There are lots of reasons for this change, but with real rates at levels we haven’t seen in years (10-year TIPS at 2.27%), and the post-COVID 30-year long bond issue suffering more than a 50% haircut, the risk/reward setup is no longer favourable to the shorts.

Over the past couple of months, …