債券交易員進行大額空頭押注，降低國債的漲勢——彭博社

Rates traders are piling back into bets on higher US Treasury yields after a huge rally on Tuesday gave them a more attractive entry point.

Wednesday’s session kicked off in Asia with a flurry of large, privately negotiated transactions known as block sales in the futures market linked to Treasury bonds. Block sales in Asia’s session were followed by further short wagers on five-year and Ultra 10-year contracts in New York trading as yields rose after a stack of mixed economic data at 8:30 a.m.

The trades help explain Wednesday’s rebound in yields following Tuesday’s inflation-driven rally. The momentum shift has seen a climb of as much as 10 basis points across 5- to 10-year rates, with the 10-year exceeding 4.55%.

Block trades, which are favored by asset managers, offer the ability to quickly establish large positions at a single price. They’re closely watched for signs of big bets on where the market is headed.

閲讀更多： 在期貨區塊交易風起雲湧後，國債承壓下跌

疲軟的國債反彈慾望

亞洲、倫敦和美國早期交易時段的期貨區塊流向偏向賣出

來源：CME，彭博社

表格涵蓋了直接流向，而不是作為曲線頭寸的交易

在國債期權市場上，看跌情緒與大量買入的情況相匹配，這些期權針對的是兩年期收益率在下週末上升40個基點。

類似的情況也出現在與隔夜擔保融資利率相關的期權市場上，那裏出現了需求，用於對沖明年降息的激進定價。

相關： Pimco的Ivascyn警告稱2024年降息“熱情過度”

熟悉交易的交易員表示，週三在兩年期和五年期期貨合約中的拋售行為，特別是為了重置2023年12月和2024年3月期限的空頭頭寸。

至少每基點風險已通過一系列期限的區塊銷售設定為220萬美元。