QE has created a structural shortage risk free and distorted the price of the most important market in the world: the yield on 10-year bonds. Thus, almost 2/3 of the Treasury of more than 1 year duration are held by entities that have no sensitivity to market forces. And this discrepancy begins to have its own effects on the Treasury. In March there was the largest covering the history of short positions on the 10-year Treasury. Interesting insights on this ZH article: www.zerohedge.com/news/2017-04-02/
