As a Lehman summer associate many moons ago, I split my ten weeks primarily between two desks – High Grade Corporates and Equity Program Trading. The assignment coordinating gods smiled upon me as both groups were crown jewels at the bank, run by top shelf management with impeccable reputations and unmatched ability. As part of the program, I did get to sample a few of the different areas on the Floor as we plebes needed as many people as possible to go to bat for us to secure the ultimate prize of a full time offer for the following September.
One morning when I found myself on the Govie Desk, the Durable Goods numbers flashed across the Bloomberg of the trader I was sitting next to. The headline ripped consensus which instantly sat on the Treasury market. The economist for the firm who was unabashedly