Hedge funds are piling into the basis trade — a bet on the difference between the price of Treasuries and the price of Treasury futures — and they are levering up, too. Today on the show, we ask: Are we watching genius at work? And if not, how much is this all going to cost? Also, we go long all the other central banks and short comedians from Sacramento. 

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Read a transcript of this episode on FT.com

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