The Fed announced the minutes of their last meeting which revealed a major shortening in the time the Fed will allow interest rates to move up- including raising the key Fed Funds rate that they directly control. This caused today’s selling panic in the bond market.How much will interest rates move up? Here is an historical chart that causes at least one occasional speculator to breathe heavily!

https://www.macrotrends.net/2015/fed-funds-rate-historical-chart

And here is the report on the Fed minutes:

https://www.zerohedge.com/economics/fomc-minutes-shows-hawkish-fed-hiking-faster-anticipated-warn-omicron-risks

I have added to my largest position- buying puts in the June 2022 Eurodollar future

https://futures.tradingcharts.com/intraday/GEM22

Notice that though the future itself is setting new lows, the prices on the puts of 99.87 remain IMHO grossly cheap.

Secondarily I added to my short position on the NASDAQ @ 16,200 which is reacting as expected to the Fed move

https://futures.tradingcharts.com/intraday/NQH22

BTW Happy New Year

Big Bob the Bond Bear