Counterparty to nearly every participant in bonds markets. Harvard Engineer; former sell and buy side fixed income; now Treasuries automated liquidity fund mgr.
Trump election night cleared out all the stops in various global markets. Taken nearly a year to build that topology into markets again.
Markets have proven that they can bear negative rates; economies have not.
FOMC week price action before Wed 2pm is dominated by partial unwinds prior to the binary event. So informative to watch mkt tip their hand.