re short end vs long the whole world looks like it was betting on higher rates, so they had the yield curve wrong as well, which is basically spread trading …. you get far bigger size put on, rather than the outright trades……
They were betting the long end would continue to widen above the short end…..today we see start of an unwind…..with no-one on the other side and in mid summer…..Gold shorts are gonna get similar or way worse, as longs pile in and shorts cover.
here is the move in 2 vs 30’s tdy