Elephant in the Room

The attempted rebound is good and all, but there is one potential fly in the ointment, elephant in the room, SNAFU or whatever you want to call it. I'll call it GSR. Have been shifting out just a bit further on the treasury curve yesterday and today, dumping t-bills in favor of the 1-7 year range in anticipation of a deflation impulse which would catch 90+% off guard if it manifests.