MI2 Trader: Glutton for Punishment 2yr UST

In early summer, we took a stab at buying Eurodollars (“MI2 Trader: Buy EDZ3” 23rd June 2022). It was our first long US fixed income trade in over 18 months, so we “started cautiously” because, as we noted, “this is a bet” on a recession. As it turned out, after a sharp little bounce, the equity relief rally undermined the premise, and we scratched the trade. Therefore, given yesterday’s equity euphoria, now might seem an odd time to try and rebuy the front end. But let us explain.


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