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Ed Bradford

@fullcarry.net

3.1K followers 120 following 1K posts

US government bond trader since '93 with the usual stints along the way at primary dealers and HFs. Now on my own. Pseudonym

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Ed Bradford @fullcarry.net · 10d

Regular reminder that there is nothing unusual about long end pricing. In fact, there is scope for higher yields even with overnight rates at 3% (~ current terminal rate)

Average 30y spread to EFFR

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Ed Bradford @fullcarry.net · 1d

As Fed cuts rates and returns on cash deteriorate, economy should reflate and seeds will be planted for the next tightening cycle. Current cut cycle terminal rate back below 3%

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Ed Bradford @fullcarry.net · 2d

Powell not stirring things up much with his comment that QT to end in coming months

Ed Bradford @fullcarry.net · 6d

FWIW: "Applications for US unemployment benefits rose (to 235,000) last week, according to a Goldman Sachs Group Inc. analysis of state-level filings released during the federal government shutdown."

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Ed Bradford @fullcarry.net · 8d

10s have been a favorite this year as more generous term premium attracted buyers to the tenor. Looking a bit pricey here relative to recent auctions but still enough TP juice to attract a bid.

Ed Bradford @fullcarry.net · 9d

They probably want to avoid that kind of entanglement

Reposted by Ed Bradford

George Pearkes @peark.es · 9d

Absolute madness.

Chart showing the performance of an equal weight index of four quantum stocks (IONQ, RGTI, QBTS, QUBT) over past two years. The index has risen 3671% since last October.

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Ed Bradford @fullcarry.net · 9d

The four big ones... including a former beverage company :)

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Ed Bradford @fullcarry.net · 9d

Starting to get spooky.... another spin up day for pure play quantum stocks.

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Ed Bradford @fullcarry.net · 9d

With year-end overnight rate priced at 3.64 (EFFR), it should be an easy 3y note UST auction today. WIs 3.62

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Ed Bradford @fullcarry.net · 10d

"blind auctions" nice!

Ed Bradford @fullcarry.net · 10d

Regular reminder that there is nothing unusual about long end pricing. In fact, there is scope for higher yields even with overnight rates at 3% (~ current terminal rate)

Average 30y spread to EFFR

1 16

Ed Bradford @fullcarry.net · 13d

With the continued government shutdown, no NFP print but ISM Services does have an employment index to give Ts a but of excitement. The gauge has been relatively weak recently, with Aug at 46.5

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Ed Bradford @fullcarry.net · 15d

Job week could be down to ADP and the ISM Services labor market gauge.

So some eye-twitching for ADP this morning?