Big new Treasury short positions added on Friday as open interest SPIKES. What's really driving U.S. bond selloff? It ain't the U.S. (chart). More ECB QE buying = less bonds available = richer repo rates.

All this & more in today's 'Liquidity Watch' on @TheTerminal pic.twitter.com/ZCLECui5Qe

— Stephen Spratt (@StephenSpratt) March 15, 2021