March Starts Sharply Weaker. Is it Iran?

Spoiler alert: it’s not Iran. And this morning’s yields are the 2nd lowest in more than 3 months behind last Friday. Last Friday was also a month-end trading day with a mini snowball rally that defied overt explanation (apart from „month end bond buying“)–a fact that led us to warn about the risk of „new month bond selling.“  It’s not that bonds always rally at month-end or sell off when the new month begins, b…