Despite a collapse in yields and implicit plunge in the odds of a rate-hike anytime soon, asset-gathering, commission-taking talking-heads continue to spew unrealities about the economy and where it goes next as excuse after excuse (low oil is good, services trump manufacturing etc) are discarded. What is worse is that none other than The Fed’s “owners” – the primary dealers – refuse to play along with The Fed’s transitory narrative as their Treasury Bond position is the longest since 2013.

Of course, as Bloomberg notes, the buildup in the 22 primary dealers’ Treasuries holdings, concentrated in maturities less than six years, may also signal more sales by central banks,said Subadra Rajappa, head of U.S. rates strategy at Societe Generale SA.

“This gels well with what we are seeing with China selling Treasuries, as dealers typically have to disintermediate the stress so they take these securities on their books,” she said. A similar spike occurred last year following China’s August currency devaluation and the subsequent drop in its reserves.

Although it appears that only the greatest fools are left holding the bag on a rising-rates, commodities-have-bottomed, stocks’ secular bull is still in place narrative.

Don’t Fight The Fed’s “owners”