Macro Update: February 2026

What is the bond market telling us?

February 18, 2026 • Michael Nadeau

Topics Covered

The Current Setup
The Bull Case
Closing Thoughts & Portfolio Management

Hello readers,

Last week’s 30-year Treasury auction had a primary dealer takedown of just 5.9% — the lowest level in 20 years of auctions.

What does that signal for growth, inflation, and risk assets?

We explore in this week’s report.

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Let’s go.

The Current Setup

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