The 10-Year Hit a 24-Year High. Nobody Is Buying Puts. Are You Watching the Wrong Market?

Options traders are positioned for falling yields and no equity downside, even as diesel shortages threaten a fresh, underappreciated inflation shock.

• Long rates spiked: The 10-year rose from 4.75% to 5.29% (+54bps) and the 30-year from 5.25% to 5.64% (+39bps) in September, the biggest move since 2022.
• Constan sees growth, not crisis: Andy Constan attributes the rise to AI-driven capex/growth finally getting priced into bonds plus heavy debt supply, not fiscal panic; he calls himself 'more constructive on bonds' and modestly bearish stocks, expecting a growth slowdown rather than recession.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.