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Extreme positioning (bonds record short) meets macro weakness (sentiment and soft data crashing) meets liquidity suck (M2 collapsing) meets systemic threats (debt ceiling) meets idiosyncratic problems (FRC - banking system, and UPS - consumer) - quite a day!!
The world and his pet rabbit started the day off short Treasuries...
An ugly day for US macro didn't help (aside from new home sales which jumped on giant subsidies)...
To read more visit Zero Hedge.
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