⚖️🔺 Entered Short 2-Year Tsy Position At 2.73%, Target At 3.2%: TD Securities

Tighter swap spreads today suggest capitulation of short positions (which would cheapen repo and tighten spreads). Tactical position ahead of Non Farm Payrolls data and the ISM services figure, these are seen easing recession fears. Se 2s5s flatterers as a better expression of a recession than plain long 2s. The trade adds to a position entered on Thursday at 2.94%, stop has been moved to 2.4% - TD Securities Rates Strategy