The ICE BofA MOVE Index, a gauge of volatility in the U.S. Treasury market, has risen about 29.69% so far this week, marking its biggest weekly gain since April last year, according to ChainCatcher. The move came as Treasury yields climbed to multidecade highs, driving a sharper swing in rates markets and prompting traders to pull back from fresh positioning.
ChainCatcher said market conditions had turned highly volatile, with many traders choosing to stay on the sidelines rather than add risk. One rates strategy head at Societe Generale was cited as holding a neutral view on U.S. interest rates for now. The strategist said the bank would wait for volatility to ease before putting on trades, reflecting the caution now seen across parts of the market.
The report did not provide additional details on specific maturities, yield levels, or trading timeframes beyond this week’s gain in the MOVE Index.
According to ChainCatcher, the MOVE Index, which tracks volatility in the U.S. Treasury market, has gained about 29.69% this week, its biggest increase since April last year, as bond yields climbed to multidecade highs.
Trading conditions have turned highly volatile, and many traders have chosen to stay on the sidelines. ChainCatcher said Societe Generale's head of rates strategy holds a neutral view on U.S. interest rates and is waiting for volatility to fall before trading.
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