Guides: How to Read the Rates Market
These are how-to pages rather than definitions. They show you how to read a real print, an auction or the curve, with worked examples off the desk's live numbers. If you want a term defined instead, that is what Learn is for.
How to Read a Treasury Auction Result
Tail vs stop-through, bid-to-cover and the bidder split, with a live worked example. Reading an auction takes about 60 seconds.
How to Read an Economic Release
Actual vs forecast vs prior, the sigma surprise, and how the miss moves the curve.
How to Read the Yield Curve: 2s10s, Steepeners vs Flatteners
2s10s, bull vs bear, steepen vs flatten. What each of the four combinations means, and how to tell in seconds whether 2s or the long end is driving the move.
How to Read the FOMC Statement and Dot Plot
Diff the statement against the last one, read the median dot in the SEP, and trade the gap between the FOMC and what the market had already priced.
How to Read When-Issued (WI) Trading
The grey market that prices every Treasury before it is auctioned. How the when-issued concession builds, and why the exact mark at the bidding deadline decides whether an auction tailed or stopped through.
How to Trade the Quarterly Refunding Announcement (QRA)
The QRA is a duration-supply event. Read the coupon sizes, the split between bills and coupons and the hit to term premium, then trade the gap from consensus. 4x a year.