PSQ Worked as a Terrific Hedge Against Falling Interest Rates. Monday caught me without a hedge against falling rates, but not today. At 10:00 am HYG:JNK gave me the go ahead to initiate my full hedge position adding to yesterdays purchase trigger by PALL:PPLT. An then the market tanked...almost like it was on clue waiting for my purchase. A good windshield day, turning out positive even though all the early gains from UST shorts were eliminated.