债券交易员进行大额空头押注，降低国债的涨势——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.

阅读更多： 在期货区块交易风起云涌后，国债承压下跌

疲软的国债反弹欲望

亚洲、伦敦和美国早期交易时段的期货区块流向偏向卖出

来源：CME，彭博社

表格涵盖了直接流向，而不是作为曲线头寸的交易

在国债期权市场上，看跌情绪与大量买入的情况相匹配，这些期权针对的是两年期收益率在下周末上升40个基点。

类似的情况也出现在与隔夜担保融资利率相关的期权市场上，那里出现了需求，用于对冲明年降息的激进定价。

相关： Pimco的Ivascyn警告称2024年降息“热情过度”

熟悉交易的交易员表示，周三在两年期和五年期期货合约中的抛售行为，特别是为了重置2023年12月和2024年3月期限的空头头寸。

至少每基点风险已通过一系列期限的区块销售设定为220万美元。