Guides — How to Read the Rates Market
Step-by-step, trader-grade explainers built on the desk's live data. Not definitions (those live in Learn) — these show you how to actually read a print, an auction, or the curve, with worked examples off real numbers.
How to Read a Treasury Auction Result
Tail vs stop-through, bid-to-cover, and the bidder split — read any auction in 60 seconds, with a live worked example.
How to Read an Economic Release
Actual vs forecast vs prior, the sigma surprise, and how the miss actually moves the curve.
How to Read the Yield Curve: 2s10s, Steepeners vs Flatteners
2s10s, bull vs bear, steepen vs flatten: read any curve move in seconds, with the four-quadrant regime map every rates desk keeps in its head.
How to Read the FOMC Statement and Dot Plot
The statement-diff method, the median dot, and the SEP: how to read an FOMC decision and trade the surprise against what's already priced.
How to Read When-Issued (WI) Trading
The grey market that prices every Treasury before it's auctioned: read the when-issued concession, know the exact mark the tail is struck against, and read the auction before the results hit.
How to Trade the Quarterly Refunding Announcement (QRA)
The QRA is a duration-supply event: read the coupon sizes, the bill-vs-coupon mix, and the term-premium impact. Then trade the delta from consensus, 4x a year.