http://www.bloomberg.com/news/2011-...rading-loss-after-wager-on-u-s-inflation.html "Traders at the bank bet that inflation expectations for the next five years would rise in Treasury markets, while forecasts for the next 30 years would fall, according to two of the people. Such wagers on so-called breakeven rates involve paired purchases and short sales of Treasuries and Treasury Inflation Protected Securities, or TIPS, in both maturities. " Anybody please dissect the trade for me a bit? And why did it go awry? Thanks!