What We Learned About Treasuries on the Night of April 8
Episode publishedPodcast: Odd LotsOdd Lots
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Hello, and welcome to another episode of the Odd Lots podcast. I'm Tracy Alloway.
And I'm Joe Wasenthal.
Joe, one of the struggles we're having right now is that so much is happening. Mhmm. So much has been going on that it's hard enough to keep up with the immediate news, but it's especially hard to stop and kind of ponder and analyze what just happened. You sort of move on to the next thing Totally. Immediately. Right?
Well, I've always said hindsight is not twenty twenty because we all disagree about things that have happened in the past. We know that all the time, so I've always hated that cliche. But at least from the perspective of podcast cohosts, talking about the past removes the risk to some extent that the episode we're doing is completely nullified by the time it's released.
Yeah. This is true. Okay. So, hopefully, this episode will still be relevant. I think it will be. We're gonna talk about what happened in the bond market, basically, in April of twenty twenty five. I think that will still be relevant. This was one of the biggest, most Yeah. Dramatic things that happened in a market that really, as I like to say, is supposed to be pretty boring. Right? Like, people buy US bonds because you want that little bit of income. You wanna know that you're getting your money back. You want some certainty. People don't buy it because it's moving around a lot on a day to
Totally. In particular, the night of April 9. Now the ten year yield actually peaked on April 11. We're recording this April 24. The recent peak was April 11. But April 9, I will never forget as the night that I got zero sleep because I was just refreshing my Bloomberg app on the couch because I just was watching this yield spike, and everyone's like, it's China dumping. No. It's Japan dumping. No. It's margin calls, and everyone's just looking for cash. We need answers for what happened the night of April 8. This
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