• Meanwhile in markets, equity investors are apparently on edge after reports of forced liquidations by hedge fund called Archegos Capital, which sent the stocks of some prominent tech and media companies stumbling late Friday. Credit Suisse and Nomura are said to have suffered significant losses because of Archegos. However, in our universe of bonds and money markets and FX, investors aren’t batting an eyelash.
  • At pixel time US Treasury yields are trading near Friday’s levels, with the 10y at 1.64 and the 10y Bund at minus 0.35bps. In other words: the end of the quarter rally in bonds remains intact.


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