Wall Street’s macro traders are headed for their best year since 2009 as clients rushed to place bets on changing interest rate policies by central banks around the world.

Jonathan Hoffman, John Bonello and Jonathan Tipermas share more than just similar first names. They’re the driving force behind a gigantic wager on government debt that’s been giving regulators sleepless nights.

The real yield on 10-year Treasuries fell to a record low as concerns mounted over the outlook for economic growth even as investor flows fueled appetite for inflation-linked debt.

The U.S. economic reopening trade is back in full force, sending 10-year Treasury yields up to 1.77% for the first time since January 2020.