Stunned Wall Street Cries: ‘Sell Treasuries!’
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Less than three minutes after markets learned the U.S. just capped the greatest three-month jobs gain in 17 years, the message was clear to Brean Capital LLC’s Peter Tchir: “Sell Treasuries.”
That’s what he wrote to clients. “The number was big,” the head of macro strategy at the securities firm wrote in an e-mail at 8:32 a.m. in New York. “Rates will sell off.”