Here's The 'Pain Trade Into Year-End' - Nomura Unravels The Bond Bull/Bear Battle

US Treasuries continue to desperately search for the clearing-price, in what Nomura's Charlie McElligott calls "a battle" between the various (hawkish) long-term "structural forces" and a Fed that is desperate to throw in the towel and admit it's done.

heres the pain trade into year end nomura unravels the bond bull bear battle

The "structural forces" which are contributing to (or against) the "impulse build" in Treasury term-premium  include:

Authored by Tyler Durden via ZeroHedge October 19th 2023