BREAKING: Global long-term bonds posted -$4.7 billion in outflows in the week ending March 25th, the 2nd-largest on record. This is only below the -$6.8 billion seen during the 2020 pandemic. At the same time, high-yield corporate bonds posted their 3rd consecutive weekly withdrawal, bringing the total to -$13.5 billion. Meanwhile, the Bloomberg Treasury Index is down -2.4% so far in March, on track for its largest monthly loss since September 2022. This comes as $183 billion in Treasury auctions of 2, 5, and 7-year bonds this week saw the weakest demand since May 2024. The bond market needs help.(The Kobeissi Letter)