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BLOCK, Sep'23 2s5s, 2Y Outright

US TSY FUTURES
  • First Block may be a 2s5s steepener at 1043:15ET - would off 3:2 inter-commodity spread ratio, not to mention curves continue to bear flatten:
    • 6,000 TUU3 102-25, through 102-24.5 post time offer
    • 5,350 FVU3 108-27, post-time offer
  • Second Block post at 1049:10ET
    • 6,000 TUU3 102-24.25, post time offer. Sep 2Y futures trade 102-24.5 last (-8.38), 5Y futures 108-26.75 last (-14.5)

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