You need the previous paragraph to see the anomaly: "a small army of hedge funds and 'prop desks' trying to squeeze a few last drops out of a spent deflation t

You need the previous paragraph to see the anomaly: "a small army of hedge funds and 'prop desks' trying to squeeze a few last drops out of a spent deflation trade" You probably know about inflation (prices going up) and probably have heard of hyper-inflation, where the government just keeps printing more money, so there is too much money for the economy. As happened in the Weimer Republic or Zimbabwe. Perhaps you've heard the old joke of someone having to take a wheelbarrow full of money just to buy a loaf of bread, leaving it unattended for a moment, and returning to find someone had dumped out all the money and stolen the wheelbarrow. Deflation is the opposite, where there is a shortage of money. M1 money is the money you can spend. It's a subset of M2 money which is the money you can spend in a bit. Which is a subset of M3 money which is the money rich people can use without spending, plus all your money. So, the traders have been trying to make money from deflation, a shortage of money, when money has been growing at 16.2%. That's the glaring anomaly. The trader explains this as, "We're too dogmatic". This is trader talk for, "We're a bunch of barely numerate halfwits who have no idea what we're doing. None of us do. We're just trying to get out of this shitty business as multi-millionaires before we die of a heart-attack aged 40." Hope that explains it OK.