A month ago I noted the shape of the curve looks like GS has one cubicle handling mostly one year debt waiting to be refinanced at the ten year rate, a queue. I surmised they had the one trader and three cubicles, two empty because of layoffs. The one remaining guy, mostly at the one year cubicle has moved, he is at the six month cubicle, busy as hell trying to get short term debt refinanced. The entire trading room a ghost town, except next door where a million compliance officers examine each trade, at minimum wage, chained to their terminals.
Anyway, the one trader is going to get increasingly congested, and lonely.
Dimon is better preparing for a meeting of the elders, GS cannot hold the fort much longer. We might grab the can kick, call an MMT and get 1.5 more downs. Dimon wants in the huddle.
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