This morning, Société Générale strategist Sebastien Galy notes that since the big sell-off in the U.S. Treasury market finally abated a few weeks ago, his readership has dropped by a third.
"Activity and liquidity have dropped sharply," says Galy. " My readership dropped by a third, which is pretty much the loss of volume on the UST market according to my rates colleague."
Trading volume in the Treasury market surged to all-time highs in May and June alongside soaring bond yields.
In just the past few weeks, however, that excess trading activity has completely collapsed as markets push through the summer doldrums.
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