I’ve been thinking a lot about one of the first lessons I was taught as a junior trader. We were warned that when something happens, say a piece of economic data comes out, and the market doesn’t respond as you expected, to cut positions and be very careful. It is a sign that “something” is wrong in how you are thinking. On Friday, Treasuries rallied strongly on data that didn’t seem that great for rates. But the reality is (or so I believe) that Thursday’s sell-off was overdone, the “whisper” number was much worse than what came out, there are ... Is 10% the New 1%?