The short positioning in U.S. Treasuries is much more crowded than in stocks, especially the 10-year Treasury and the 3M SOFR, which reflects Fed policy expectations. Yesterday's 30-year Treasury auction went really well—the winning yield hit a 25-year high, but the demand for the auction itself far exceeded expectations. Indirect bidders (foreign central banks, sovereign funds, overseas institutions) accounted for 79.5%, the second-highest proportion in history and significantly above the historical average of 66.4%. MOVE edged slightly higher after the auction instead of dropping.