Here's what's happening in bond markets right now. Traders are piling into a classic play—shorting long-dated Treasuries while going long on the shorter end. Why? November just threw a curveball with an unexpected jump in unemployment, and honestly, nobody's sure which way the US economy swings from here. The mixed signals are real. You've got conflicting data points, uncertain Fed moves, and macro headwinds that make this a perfect storm for defensive positioning. Smart money is hedging by rotating into shorter-duration bonds, betting that volatility won't disappear anytime soon.