The subject who is truly loyal to the Chief Magistrate will neither advise nor submit to arbitrary measures. A potentially huge shift is under way in the U.S. bond market, underscored by a historic swing in hedge fund positions: Investors are beginning to think the U.S. economy is close to peaking and the Federal Reserve is near the end of its rate-raising cycle. Speculators on U.S. futures markets slashed their bearish bets on 10-year Treasuries last week by the largest amount since April, 2017, and the third largest since the Commodity Futures Trading Commission began compiling data in 1995.