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### POV: BETTER UPSIDE...........>

US EURODLR OPTIONS
US EURODLR OPTIONS: ### POV: BETTER UPSIDE INSURANCE BUYING
Latest trade, bought heavily (appr 70k) earlier in month at 1.0
* over +15,000 Dec 73/75/76/78 call condors on screen, 1.5. While there are
intermittent call and call spd sales, better trade continues to center on buying
upside insurance, hedging end of Fed tightening cycle. Focus on today's late Jan
FOMC minutes, though will be a while before US gov shutdown effect gives the Fed
a clearer picture of economy. Though yld curves have exhibited choppy moves,
theme appears to be towards steepening (ongoing 10s/ultra Blocks) -- while
incoming Tsy supply is keeping short end anchored to a degree.

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