⚖️🎯 Halving Long U.S. 10-Year Treasury Position: TD Strategy

Half of the position taken off due to the market “essentially”

pricing out the hiking cycle and the Fed’s unlimited and

attractive BTFP protects depositors and prevents fire sales of

Treasuries and MBS by banks.

We leave half of our trade on for now due to the massive

uncertainty shock facing the economy. We see lending standards tightening further and this adds a huge downside risk to the economy.

We move the target on the remaining $50k of the long 10y

position to 3.25% and move the “stop” to 3.6% - TD Rates Strategy