🇺🇸 The Fed quietly became the dominant landlord of a very specific neighborhood in the bond market, owning 50%+ of all Treasuries maturing in 10-15 years.

When one buyer controls half a segment, real price discovery basically ghosts the chat. And unwinding that is enormously painful.

Years of QE built this. Now they're stuck holding the bag they packed themselves.

Source:@zerohedge/ Writer: Oliver