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Eurodllar/Tsy Option Roundup, Fading Yld Rise

US TSYS
Generally light FI option volume Monday, same for underlying futures (TYU2 <870k) despite yields grinding to the highest levels since early May (all over 3%: 5YY 3.0368%, 10YY 3.0380%, 30YY 3.1908%).
  • No data to start the week (no Fed-speak either w/ Fed in Blackout through June 16). Markets pre-occupied with Elon Musk threat to pull out of Twitter bid due to lack of spam/bot documentation, and UK PM Boris Johnson confidence vote in late trade. Main focus on public Jan 6 insurrection hearing that start June 9.
  • No overarching theme to describe Monday's trade, just short term positioning and/or tactical plays, such as a sale of 10,000 TYN 117.5/118.5 put spds at 22 (ref 118-08.5) looking for yields to retrace off current highs. Simpler directional plays via buying July 10Y 121, 121.5 and 121.75 calls from 4-2. Scant Eurodollar trade had paper selling 10,000 short Jun 96.62 puts at 19.5 vs. 96.45/0.85%.
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