The heavily garrisoned defense line on both sides is difficult to shake for those institutions with small funds. Although the funds piled up on the defensive line by the long and short sides are not very large, everyone knows that there are still unknown funds ready behind the bright side.

In the middle of the two lines of defense, trading volumes and funds began to grow significantly and soon expanded several times. It was as if the scouts of the two armies had come to test before the main force had yet to move. But it is also like paying a vote, and showing your attitude before the main forces of the two sides fight.

The yield curve goes up and down, but it will always be very coincidental to display the huge number of buying and selling lots on both sides in front of everyone, as if to remind everyone that the war between the two sides is about to break out.

Sure enough, ten minutes later, one side finally moved first, this time with the main force from many sides.

The $1 billion buy order was directly at the position of 3.82%. It is worthy of the operation of large funds, directly buying, digesting all the previous sell orders, and clearing out all other irrelevant people at the same time as the signal of clearing the market.

Just before everyone could react, another buy order from the bulls also appeared in the market, and the yield curve suddenly rose to 3.81%, and the two sides fought head-to-head!

"What?"

Gross lacked sufficient psychological preparation for this change in the market, and was quite surprised when he saw it, "Tianyu Fund actually took the initiative, does it mean that they are not worried at all?" ”

"Maybe it's not them, maybe they're more confident in the data that's going to be released, but I can't say exactly which one it is."

Erlian. Muhammad looked at the plate carefully, his eyes flickering, and said uncertainly, "According to the previous operation." They seem to prefer a steady approach. Taking the initiative now may be a suspicious tactic on the one hand, and on the other hand, it is necessary to take advantage of the situation. ”

The Bureau of Labor Statistics of the United States releases non-farm payrolls data on the first Friday of every month, that is, the number of non-farm payrolls, the employment rate, the unemployment rate and other data. These three indicators reflect the trend and condition of the U.S. domestic economy to a certain extent, and affect the trend of various related indicators including bonds, exchange rates, metals, interest rates, etc.

Put simply, if the number of non-farm payrolls rises sharply. It shows that the U.S. economy is trending better, which directly affects the trend of the U.S. dollar in the exchange rate, and is obviously bad news for other currencies. On bonds, money may abandon bonds as economic conditions improve, leading to higher yields. And in the trading of various metals and even oil, the correlation also shows a corresponding upward or downward trend.

Today is the time for the Bureau of Statistics of the U.S. Department of Labor to release the relevant data.

"After a strong stimulus, there may be signs of recovery, but the austerity caused by the financial crisis is far from over. There is no chance of a halt to the rate hike cycle so far, although Fed officials have hinted at signs of this. ”

Gross pondered for a moment and said slowly, "In this case, it is inevitable that the non-farm payrolls data will continue to decline. But how much less than expected, I don't know. However, because of sufficient expectations, even a significant decline in the number of non-farm payrolls is believed to have a limited impact on the bond market. ”

"It's mainly about the yield of short-term bonds. As for long-term bonds, the impact is minimal. ”

Erlian. Muhammad also said approvingly. "Five-year bonds may be affected a little more. But for the 10-year term, the impact is not so great, after all, long-term interest rates are fundamental. Although the outside world is not too optimistic about the non-farm payrolls data, for the Fed, adjusting short-term, medium- and long-term interest rates is the focus and goal of the recent operation. I think even if the Tianyu Fund wants to take advantage of it. I'm afraid it's only today. After today, I am afraid that long-term interest rates will continue to move high. ”

"So, we came to an agreement?"

Gross nodded yes and smiled at Erian, "Do you want to continue to test or avoid it?" ”

"Keep attacking!"

Erlian. Muhammad thought for a moment. decisively chose the former, "If it is the latter, maybe you will fall into the trap of Tianyu Fund." Although this is a huge hedge fund, they have limited funds to put in the bond market. If the previous rumors are correct, it is believed that they have collected at least close to $15 billion in 10-year US Treasury bonds. But after all, it is impossible to invest all the funds of this fund in this variety, and 10% of the scale is probably the limit for them. ”

"What do you mean?"

Gross's eyes lit up and he said happily, "They're about to reach the point of exhaustion?" ”

"Not necessarily!" Erlian. Muhammad shook his head slowly, "If they use some assets as collateral and borrow some funds, plus some of the leverage provided by brokers, I am afraid they will be able to raise billions of dollars in a short period of time." But in any case, no matter how much money they raise, they may not be able to survive in this market for long, after all, they cannot compete with the institutions of the world. ”

"Against the whole world?" Gross laughed, "Now I'm afraid even we can't compete with them!" ”

Between the two talking and laughing, the war on the board has reached the point of white heat, and the two sides did not add more funds, but carefully hid their hole cards, and started a bloody hand-to-hand battle with the other party with the funds exposed on the surface.

Between the two yields of 3.79% and 3.81%, the two sides have deployed heavy troops, and in the middle area, like a meat grinder, the troops invested by both sides are constantly consumed, and the trading volume continues to expand. With the rapid growth of matchmaking, the follow-up orders of both parties are also disappearing at a speed visible to the naked eye.

"$1 billion is far from enough, and another billion dollars will be invested to open this gap!"

In Hong Kong, inside the Tianyu Fund, Jiang Shan stared at the plate, his eyes were full of bloodshots, and he commanded the trader in a hoarse voice, "I'll just see the follow-up onlookers, when they will enter!" ”

Indeed, as Gross and others predicted, Jiangshan cleverly took advantage of the favorable conditions of today's non-farm payrolls data disclosure and began to force other market forces to take sides. In this market, far more powerful forces than X-Spatial Fund have never been revealed. But now, it's time for them to take a stand.

"Something's wrong!"

"Oh my God, how is this possible?"

At the moment when Jiangshan bowed his head and drank coffee. There was a sudden exclamation in the trading room, and the traders shouted one after another, which made Jiang Shan secretly say that it was not good, and when he looked up at the screen again, he was stunned to find that the original sell order at 3.79% was gone. This surprised him so much that the coffee in his mouth didn't even have time to swallow it, dripping down the corners of his mouth onto his shirt.

"What, it's gone?"

Jiang Shan shouted and asked, "Was the order cancelled or swallowed?" ”

"Swallowed!" One trader replied numbly and quickly, "We hit 3.6% almost without blood." ”

"Let's find out what's going on?" Jiang Shan was even more anxious, at this time he didn't know who was making the move, and instinctively felt panicked about this sudden situation.

"It's non-farm payrolls!"

"92,000, 42,000 fewer than the expected 134,000!" Another trader has a quick eye. Seeing the data that appeared on the Bloomberg terminal, he exclaimed in shock, "The economic situation is far worse than imagined!" ”

As mentioned earlier, the poor economic situation has led to a shift of funds to safer markets, such as the bond market, especially the Treasury market. The influx of money leads to an increase in the price of Treasury bonds, which in turn leads to a decrease in yields. This is a great benefit to the Tianyu Fund side.

Soon, the news spread throughout the market. And after the mysterious funds appeared just now, the bears showed obvious concessions. The bulls suddenly attacked like a rainbow, and even within half an hour, they beat the yield to 3.2%.

"Can't back down anymore!"

Gross saw the change in the plate, his face turned pale, and he waved his hand resolutely. "Put all the positions on the line, and you must hold the 3.2% line."

At the same time on the East Coast, Soros is also unpretentious, and Rodney. After a moment of deliberation, Jones also decisively invested another $500 million in positions. And in other parts of the world. As if realizing that the situation is not good, the bears began to increase their positions one after another, laying down heavy defensive lines.

Although they know that the situation is inviolable, a 60 basis point move in one day is enough for the bond market to meet expectations, and all that remains is to adjust and rebound.

At a yield of 3.2%, the bears once again gathered a wave of heavy troops, and this time there were as much as $10 billion.

Soon, the bullish army led by the Tianyu Fund arrived here, and this time the aggressive bullish troops didn't even have time to see the situation, and plunged headlong into the battle formation set by the other party.

Jiang Shan, who was obsessed with this, secretly complained, but it was too late, he had to rush in hard, at this time, he could only gather everyone's strength, if the Tianyu Fund withdrew, the whole situation might be out of control.

Even so, after entering the bearish array, Jiang Shan still felt a burst of despair, because the bears were like a trapped beast, bursting out with the greatest energy, which was far more powerful than Jiang Shan and the others imagined.

At the same time, rumors have quietly appeared in the market.

"Tianyu Fund is in a last fight, they are running out of funds!"

"The 10-year Treasury bond has fluctuated wildly, which has seriously deviated from the fundamentals, and the SEC has been watching closely and may launch an investigation into the rumored Tianyu Fund."

"In order to deal with the current debt problem, the issue of the total debt ceiling may be discussed when the new government takes office. According to information from Washington, the news has already been presented to the new president, and a new economic stimulus package may be on the agenda. ”

The originally calm news was immediately flooded with heavy news, and the upward pressure was once again formed.

In this fierce battle, except for the people of the Tianyu Fund, others did not realize that the funds that were sold to destroy the short defense line before did not come from the Tianyu Fund.

Half an hour later.

"We're done!"

The traders of the Tianyu Fund hurriedly tapped on the keyboard and found that the buy orders they placed could no longer be filled, and when they inquired again, they found that there were no funds in their accounts.

In just half an hour, they once again consumed more than $5 billion in funds, which depleted the entire Tianyu Fund of cash. On the market, bears continue to pour in, and there are at least $3 billion of sell orders on the market alone.

For the buyer, without the strong support of Tianyu Fund, although there is no decline at present, the momentum of the end of the strong crossbow can be seen from the disk.

"Broker, use leverage!"

At the critical moment, Jiang Shan seemed to be red-eyed, raised his wrist and looked at his watch, there was not much time left before the market closed, and decisively ordered the trader, "No matter what, we must keep today's results!" ”

As long as it can hold on to today, it is especially important that the Tianyu Fund has at least two days of respite. If you can't hold it now, the plate will be in ruins, and all your previous efforts will be in vain.

Jiangshan can't take care of so much anymore.

After the trader's phone call went out, the broker who had already prepared the funds agreed to it, and the Tianyu Fund, which received the backing funds, barely stopped the last comeback of the bears, and reluctantly fixed the yield at 3.18% before the market closed.

Although the results are excellent, the whole Tianyu Fund is not happy, because they know that they have no money! (To be continued......)

PS: Thank you to the book friend kalm god, oh my god it's really difficult to choose a name, stronger933, Jiangnan Liu Feiyan, dair01 voted for the monthly ticket! Thank you for the book friend Crab for reading the book and the Falcon Emperor for the reward!