While larger Treasury buybacks are squeezing steepener trades and prompting a short-covering rally in the long-end, the burden of driving markets ultimately remains with the Fed...

While larger Treasury buybacks are squeezing steepener trades and prompting a short-covering rally in the long-end, the burden of driving markets ultimately remains with the Fed...

"They can intervene again and they can push back. But ultimately, it’s going to be policy that dictates where you’ll go in the long term. We’re talking about the symptoms again,…