(Bloomberg) There’s a big showdown looming in the U.S. Treasury market.
The “fast money,” made up of hedge funds and other speculators, upped its bearish bets like never before this month, based on futures data for five-year notes. At the same time, “real-money” accounts, composed of institutional buyers like mutual funds and insurers, did the opposite and built up their bullish positions in much the same way.What will happen, especially in the era of Donald Trump, is anyone’s guess. But for JPMorgan Chase & Co.’s Jay Barry, the speculators are sowing their own demise.
