# Macro Update: February 2026 

_What is the bond market telling us?_

February 18, 2026 • Michael Nadeau

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# Macro Update: February 2026

## What is the bond market telling us?

Michael Nadeau
 February 18, 2026

 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.

 Topics covered:

- [The Current Setup](#the-current-setup)

- [The Bull Case](#the-bull-case)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

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 Let’s go.

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