Anyone who has been wondering what is going in bond markets - please see my latest Substack, just out: Bond Market Massacre Ahead - Financial Repression in the Land of the Free. Swan Song of the Long Tenors. Covering the US Treasury market, the JGB market, capital flight, diversification away from US Treasuries by international investors, the true determinant of long-term interest rates, and the secret formula for never losing money in bond markets. With the bonus revelation about why the concept of “long tenors” is testament to the folly of London financial market players.