Cem Karsan joins Jermal Chandler on tasty CRUMBS to explain why the long end of the bond market is breaking down, and he frames it as four structural forces. Two that get all the attention: structural inflation, and international buyers stepping away. And two he says matter more and get ignored: the massive wave of 2020-21 debt now rolling over all at once, and the crowding-out of the bond market by the enormous borrowing funding the AI CapEx build-out, which is pushing credit-default swaps higher. 📊 tastylive: tastylive.com 📰 Get Tom's pre-market analysis every morning: tastylive.com/newsletters 📘 FREE Options Strategy Guide: tinyurl.com/bp9ms763 📱 Follow tastylive on X: x.com/tastyliveshow Chapters 00:00 Yields at 20-year highs 00:40 A quiet tape that keeps melting up 02:00 The MOVE versus the VIX 02:30 Real suppression of equity vol 03:00 The bond market bullies everyone 03:30 Four reasons the long end is breaking 04:00 The refinancing ...