It's pretty clear that Citi's traders just couldn't keep up with the third quarter's wild market ride. So what went wrong?
I wonder if many of the out of paradigm bond traders at Citi were caught short Treasuries via the same type of macro view on the bonds that PIMCO's Gross opined about when he Tweeted "who is going to buy them now?". It will be interesting to look at the YoY fixed income trading results of many of these so-called 'investment' banks for this past quarter when they are released.
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