Dovish economic prints fail to stop bear-steepening in Treasuries
A surge in corporate debt supply is overwhelming the bond market, causing a relentless bear-steepening in Treasuries.
The yield curve is re-steepening despite favorable economic data, including dovish prints on nonfarm payrolls, CPI, and PPI.
Heavy Asian retail buying of structured products is leading to dealers selling short-dated options, which in turn is crushing single-name implied volatility, especially in mega-cap tech stocks.