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BLOCK, Large 5Y/30Y Ultra-Bond Print, Likely Steepener

US TSY FUTURES
  • Large Block/cross with wide sell-through prints in both legs, at 0837:17ET
  • 22,256 FVM3 106-10.5, through 106-11.75 post-time bid vs.
  • 4,303 WNM3 135-07, well through 135-23 bid.
  • While both legs crossed through respective bids, current curve moves and wider sell-through on Ultra-bond leg indicate steepener.

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