Treasury auction sees record indirect bids
A closer look at a story that's been building for weeks, and what the next move likely is.
Expect the next chapter to be quieter than this one, and more consequential. The loud part is usually the prologue.
Whatever happens next, the baseline has moved. The old assumptions no longer describe the room they were built to describe.
The numbers tell part of the story. The rest lives in the texture of how people are actually behaving when no one is watching.
Practical effects are already visible on the ground, and they tend to outrun the official analysis by a comfortable margin.
Skeptics point to the long history of premature declarations. Their caution is earned, and worth keeping close at hand.
A small group of practitioners has been arguing for this approach for years. They are doing their best not to look smug.
