It's almost boring to say investors don't agree with each other. But "investors' demand is inelastic" excites vivid debates. A new paper w/ Philippe and Lorenzo: If you acknowledge investors disagree, you MUST accept inelastic market—that trading has large price impact

Traders all say the 10yr yield hike is due to basis trade unwinding. But unwinding has two legs: selling spot and buying future, so future should appreciate. But what we saw is that Treasury future price dropped as well (upper panel), actually pretty much in sync with the spot price (lower panel)

Reddit is suddenly having a moment. Why? www.theatlantic.com/magazine/arc...

7 years ago when I just came to the US I was appalled by the perfunctory attitude people hold towards the lunch. A lunch should be a bowl of hot ramen followed by a refreshing nap. Now I'm the one bringing a bottle of Soylent to the faculty lounge drinking it under derision. This is the way 🌝

First skeet for the first paper as an AP! In *Anatomy of Treasury Market*, we study the drivers of U.S. Treasury yields over the past two decades using a flexible asset demand & supply system (with two amazing coauthors @haonanzhou.bsky.social and @manavchaudhary.bsky.social). Some highlights: