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BLOCK Buys Contribute to Bull Steepening

US TSY FUTURES
  • Many of today's futures block prints are well outside bid/ask at the time of the print as real volatility remains high.
  • +5,000 FVM3 109-25, buy through 109-23.75 post-time offer at 1043:09ET. 109-26.5 last (+1-26).
  • As a result, yield curves continue to bull steepen as markets unwind rate hike expectations. Note on curves below: 2s10s more than 50% off last week's multi-decade low of approximately -111.0, 5s30s dis-inverts.
  • 3M10Y -3.819, -128.661 (L: -140.779 / H: -110.252)
  • 2Y10Y +30.398, -58.985 (L: -82.037 / H: -54.707)
  • 2Y30Y +43.89, -44.712 (L: -76.421 / H: -42.227)
  • 5Y30Y +26.854, 0.684 (L: -22.235 / H: 2.218)


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