- Been running an outsized long TY position since Jul10 from around 3.00%.
- Closed half the position today at 2.45%.
- Still targeting lower, but risk reward considerations argue for some measure of prudence, especially now that QE2 is very much the consensus.
- But together with spread against Bunds, still a big exposure for lower US rates/QE2 (also short USD/JPY and long Gold = almost same trade).
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