"There has been another big sell-off, are these people crazy?"

Jiang Shan looked at the data on the disk, almost couldn't believe his eyes, 50 million US dollars of treasury bonds were thrown one after another, and there were even a single super selling orders of up to hundreds of millions of dollars.

Although bond analysts are unanimous in their belief that at some point in the future, the yield on 10-year US Treasuries will rise to "normal levels", i.e., the price of Treasuries will fall now.

Jiang Shan is well aware of the recent operation of the Tianyu Fund, $10 billion into the bond market, although the yield has risen by dozens of basis points, but for the entire 10-year Treasury bond market, this amount of funds can only be regarded as a drizzle. For example, sovereign wealth funds, government and even super bond funds abound, and each of them may be more powerful than the Tianyu Fund, so in the current situation, the Tianyu Fund is still under considerable pressure.

"What's going on, how can there be so many sell-offs?"

Zhong Shi stared intently at the market for a long time, calculated the number of sales in his heart, and came up with a figure that surprised him very much, in the past five minutes, the market had sold a total of up to 500 million US dollars of ten-year Treasury bonds, which far exceeded the trading quota on weekdays.

For this situation, Zhong Shi was also puzzled, and he couldn't make the next decision.

"What should we do?"

Seeing Zhong Shi's hesitation, Jiang Shan was a little anxious, and he inevitably added a little complaint when he spoke, "According to the previous judgment, it is very likely that the institution saw an unusual decline in yields and an increase in bond prices, and used selling to retain floating profits." This part should be dominated by speculative institutions, which is also in line with the characteristics of large fluctuations in the short term. But there is another point that cannot be ruled out. Some investors sold Treasuries by shorting them, forcing US Treasury yields to rise to the 'normal' range. ”

Like any other investment, the 10-year Treasury market is flooded with speculators and investors. The so-called investors generally refer to those hedging institutions, and the most important purpose of their investment in treasury bonds is not to achieve high returns, but to obtain certain returns through this asset allocation to achieve the purpose of appreciation. Generally speaking. Such investors are mainly sovereign funds, national treasury funds, or some floating funds.

The other so-called speculators are mainly bond funds and the proprietary trading departments of major investment banks, which are the main force of bond trading in the market. They sell back and forth frequently every day, taking advantage of the accumulated trading volume to make small fluctuating profits. Don't underestimate the fluctuations of a dozen or even a few basis points, the amount represented by these basis points is magnified hundreds or thousands of times in the face of a huge amount of money, and one basis point or even sometimes represents a change of millions of dollars.

The result of these institutions in the market is the formation of long-term treasury bond yields, which in turn represent long-term interest rates to a large extent and are important reference data in the national economy. And this process is called interest rate liberalization.

Of course. For investors and speculators, there are no so-called strict boundaries. For investors, by selling off a portion of a bond at the right time, its role in the market becomes that of a speculator. And for speculators, if they hold it for a long time, or even pay it at maturity, it is not much different from investors.

In general, the intrinsic factors that drive the trading of the two can be expressed in one word: profit!

"It's not huge. Let's talk about it first! ”

After thinking about it for a while, Zhong Shi finally decided to put the selling chips first. A $500 million sell is not a big deal. The Spatial Fund can be eaten easily. What he fears is that if no one continues this wave of selling, it will cause a chain reaction in the bond market, and more sell-offs will follow.

With Zhong Shi's order, the traders began to get busy, and a steady stream of buying orders appeared on the buying side. Half an hour later, this part of the selling orders was swept away.

What Zhong Shi didn't know was that just when the Tianyu Fund swallowed these sell orders like an autumn wind sweeping away the leaves, the reaction of the east and west coasts of the United States was jubilant.

"They shot?"

Gross was looking at the analysis report in front of the computer when he heard a commotion in the trading room. Although the sounds were weak and muffled, they were also quite unbearable for Gross, who was accustomed to quiet environments.

Just when he was about to get angry, he suddenly realized that something unexpected might happen, and his eyes rolled slightly, and he thought of the biggest possibility, the Tianyu Fund made another move.

"Someone in the market has made a move, but I'm not sure if it's Tianyu Fund, we still have to confirm!" A trader replied in a deep voice with a grimace. However, his eyes burst into strange colors, the corners of his mouth were slightly raised, and he was obviously in a good mood.

The process of asking did not last long, because the traders who traded with Tianyu Fund quickly reported the news, one to two, two to three, and soon the news became known. When the traders of Pacific Investment Management got the news, the trading room could no longer be controlled, and the cheers of the audience rang out.

A total of $500 million in selling attempts, even if all of them came from Pacific Investment Management, is only a tiny number. But behind the whole thing, it confirms one thing, that is, behind the recent sharp decline in treasury bond yields, it is indeed Tianyu Fund that is making a move.

"Soros is indeed not lying!"

Gross, who got the news, pondered for a moment, and then said leisurely, "Even this kind of news can be obtained, it seems that he is indeed a pit Zhongshi, but I don't know who else is involved in this sniping?" ”

"The whole thing is planned by Soros, and he knows best who is involved, but this list is not under his control, and I think there must be other unknown funds joining in." Erlian. Muhammad said.

Erlian. Muhammad is of Middle Eastern descent, as can be seen by his surname. The man had a typical Arab face: thick eyebrows, big eyes, a high nose, thin lips, and was generally quite different from the white people around him. Within Pacific Investment Management, he was the CEO of the entire company, nominally the top leader.

But for investment companies, the most vocal is obviously not the so-called "CEO", because investment performance determines everything. Gross is still the most vocal person in the company, and Erian is still the most vocal person in the company. Muhammad is considered Gross's "successor".

This time the hunt for the Tianyu Fund. Gross counted Erian as well, naturally in order for him to take a good look at how a giant who exposed his position fell.

"Yes, all we have to do now is to wait, and when the people in front of us have consumed almost the funds of the Tianyu Fund, we will defeat the opponent in one fell swoop!"

Gross said confidently.

Erian felt something was wrong, though. But this is indeed a safer way, and he nodded at the moment and did not say anything more.

Almost at the same time, the cheers of traders within the Quantum Fund also erupted after the tentative positions in the market were swallowed by whales, and it didn't take long for the news of Tianyu Fund's sale to be known to them.

"Looks like they're really eating the 10-year Treasury bond!" Rodney. Jones couldn't stop shaking his head, he knew in his heart that once the news of this kind of position exposure got out, all that remained was to deal with the endless attacks in the market. And so far. No fund has yet been able to retreat in such a offensive.

The fate of the Tianyu Fund seems to be doomed, Rodney. Jones was very complicated in his heart, on the one hand, he felt that the mistake made by Zhong Shi this time was too big, and on the other hand, he was also vaguely full of expectations for the big scene in the future, after all, not everyone could see or participate in such an event.

"Don't worry, let the small fund consume their funds first!"

In the subsequent strategy, Soros and Gross remained strikingly consistent, except with the difference. Gross's calculation is to drive sheep and feed tigers, while Soros is to drive wolves and tigers.

"Here we go!"

Just as Soros's voice fell. There was a change on the board, Rodney. Jones couldn't help but exclaim.

After Tianyu Fund took a tentative position, the market resumed its turbulent trading state for a while, but this state was soon broken, and then millions of dollars worth of sell-offs sprung up one after another, although each amount was not large. But the amount of money gathered together is also quite substantial, and it soon accumulates to the scale of hundreds of millions of dollars.

"Buy, buy, see when he comes to his senses!"

Soros felt a dark feeling in his heart, staring at the plate and thinking viciously. I'm already thinking about Zhongshi's anxious appearance.

In fact, Zhong Shi is indeed a little confused about the situation on the plate now. It stands to reason that the selling order just now was forcefully swept away, indicating that the main force of the bulls is exerting force, and the bears should at least avoid the edge a little if they do not say that they will fight to the death. But in fact, the little bears were like moths to a fire, pouring out in a steady stream, which made him a little incomprehensible.

"Yields are up three basis points and they're still rising!"

Jiang Shan also can't see the situation clearly, but he is not worried, the current market is just a few more selling orders than usual, and there is no large sell order, how it looks like a normal trading state. For Tianyu Fund, this level of trading is just a drizzle.

"This should be the practice of some institutions to see the opportunity and choose to sell arbitrage!"

Seeing Zhong Shi thoughtful, Jiang Shan also took the initiative to explain, "Looking at the transaction amount, it is only a few hundred million dollars, which is only a little higher than usual, it may be that what news has affected their judgment." Or the proprietary department of an investment bank is releasing a lot of goods, no matter what, this amount is unlikely to pose a threat to us! ”

Zhong Shi also nodded when he heard this, this is indeed the case, and waved his hand at the moment, signaling that the next transaction would be taken over by Jiang Shan.

"Great!"

Jiang Shan was overjoyed when he heard this, and waved his hand to the traders heroically, "Brothers, eat them all!" Push the yield down on me! ”

The trading room was full of applause!

Soon, these sell orders were digested by Tianyu Fund again. In order not to attract attention, Jiang Shan also quietly released a part of his position, in order to disrupt the market's attention. But where could he have thought that the operation of the Tianyu Fund had long been targeted by people with intentions. The part of the position he released was quietly taken over by Pacific Investment Management.

After a day of operation, Tianyu Fund absorbed a total of 920 million US dollars in 10-year Treasury bonds, and kept the yield at 3.5%. On this day, a total of $1.7 billion of 100 million Treasury bonds were sold in the market, and Tianyu Fund next took more than half of the shares.

The next day, December 19, when the 10-year treasury bond market opened, Jiangshan immediately felt the difference in the market, both the number and the intensity of the sales far exceeded the previous day, and the situation was somewhat abnormal.

However, because on the one hand, the amount available for operation did not exceed his authority, and secondly, because of his confidence in his own trading level, Jiangshan did not notify Zhong Shi in time. After a fierce battle with the sellers, Tianyu Fund absorbed $1.9 billion in 10-year Treasury bonds on this day, accounting for 40% of the total market buying quota.

On the yield side, the 10-year Treasury yield rose by 15 basis points to 3.65% due to the ferocious selling. (To be continued......)

PS: Thank you very much for the little pig, kalm god, Xiao Yao, heaven and earth kamikaze, Suzhou no general, mysterious and other book friends for voting for the monthly ticket! I didn't write it out yesterday because it was too late, so I hope you forgive me...... On the last day, I will work hard, thank you for your strong support this month, I have received more monthly passes this month than before, the author is grateful, continue to work hard next month!