Global Rates Dashboard

The rates market is sending mixed signals. Across gilts, bunds, Treasuries, and JGBs, option surfaces reveal where traders are quietly hedging and where complacency has set in. The contrast between structural caution in long-end Europe and tactical positioning in the US front end tells an important story about how investors are managing risk into the autumn supply cycle.

In this note, I walk through each major market from BTPs to US 30s, using momentum, skew, and volatility richness to map out what traders are really pricing. The picture is far from uniform, and it sets up a handful of relative value opportunities across futures and options.