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But we saved everything 🙂.
The U.S. Treasury removed the words 'at least' from its latest refunding statement, dropping its previous reference to keeping duration supply constant for 'at least' the next several quarters.
Craig Shapiro described this as marking the countdown to larger coupon auctions, with 2H FY27 identified as the likely timeframe.
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Craig Shapiro previously noted that SOXL rebalancing has injected synthetic negative gamma, with Treasury longs at their highest net length since early periods here. He has also commented on Brent crude rising to $105 as Pentagon strike plans weighed on bond markets here. These observations provide context for his recent focus on changes in Treasury auction language.