It’s happening right in front of our eyes!

Yet many investors still cannot, or refuse to, acknowledge it. Over the past couple of weeks, we have seen some hugely insightful developments in financial markets, and from the U.S. Treasury in particular. We have seen yen intervention without the outright selling of U.S. Treasuries, instead forcing the use of a Federal Reserve deposit facility. We have seen the U.S. Treasury perform an unusual twist aimed at limiting the amount of longer-term Trea — via @jsblokland

Yen intervention and U.S. Treasury developments signal market shifts investors ignore.