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The 30-year Treasury auction today went terribly. Huge price tail; basically a half-failed bond auction. There hasn’t been an auction that bad in many years. Some people chalked it up to a cyberattack on China’s largest bank, which interfered with their ability to do Treasury transactions, while others contested that this was the main issue and instead argued it was a lack of demand for duration. Treasury market liquidity is really weak. And then like an hour later Jerome Powell was interrupted in an IMF talk by eco-protestors, and he dropped the f-bomb on a hot mic. Fun stuff.

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Everyone can feel it. I'm in a totally unrelated field, and have a part-time career in a third unrelated field. In each one, everyone can feel how unsustainable things are, and everyone is just not sure how much longer it can keep going.
Didn’t follow 30yrs, but 10yrs were bad…but not as bad as the worst 10 days of this year. Treasuries have been tanking like alt-coins most of this year, then the expected bounce off of 5% ceiling, but wow… that bounce didn’t last long and now its game on for the Fed to contain the rout. The spin about the cyberattack is complete bullshit, imo. If cyberattacks were a thing, they would have happened in non-pivotal moments in time. Treasuries will be supported thru year end…but not much longer, imo. The Fed is done, but they have fumes in the tank.