A red/green chart from Zero Hedge

Watch the blue and black lines.

 When the black line gets too close to the blue line, their wiggles potentially overlap, The potential turns green into red.  That causes a portfolio exchange, out of long term corporate debt
(Pit.boss=Simon)
into the money markets
(Pit.boss =StandardS&L).

It is fairly firm fork, a quantum lock.  The variance of the black seems fixed, and then mean hits a spot where there is no measurable hedge against long term currency risk.

Why didn't the hedge go away smoothly? There is a fixed cost to setting up the hedge, a fixed price per cycle, can't be avoided without new technology. That cost is the cost of writing to Janet, that factor bubbles up.