3-day tick chart of the 10-year yield. Down 20 basis points since yesterday’s high, a big move for <36 hours. Why? First, I would argue the economic/inflation data since 4.60% yesterday does not really support such a big move. I’m thinking it is DOGE and now that it’s into Medicare/Medicaid, the motherlode of fraud. The bond market is coming around to the idea that @elonmusk can bring the deficit down a lot more than anyone thought (even me). The DOGE bond market rally? Thoughts?