There’s a lot going on in the Treasury market right now, and none of it is good. Liberation Day seems to have morphed into Liquidation Day.
You might have seen terms like “off the runs”, “basis trades”, “swap spreads” and “omg are we going to die” bandied about over the past few days (including here on Alphaville) and been a little baffled.
We realise that not everyone is quite the fixed income dorks that we are, so here’s an explainer of some of the more common…
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