Draghi’s dovish taper has sent Bund yields down over 5bps (admittedly to 3 day lows) – the biggest daily drop in 3 months…

And EUR/USD is at 3-week lows…

And as Bund yields tumble, Treasuries are less exuberant…

Pushing the TSY-Bund yield spreads to 200bps for the first time since April…

Might be a painful squeeze for that record short positioning?