赌利率上升的人增加 Open interest in rate-hike strategies has ticked up markedly over the past few days. As recently as May 18th, there were slightly more call option positions than puts on the December 2023 eurodollar contract. By last Friday, however, puts outnumbered calls by 365k, approaching the highs of February and March. What’s interesting about this is that the sharp spike in relative put open interest in January coincided or led the concomitant rise in Treasury yields. Relative put open interest peaked on March 3, well before the ultimate high in Treasury yield at the end of the month. The ebbing of interest in rate hike bets in April and the first half of May coincided with the drift in bond yields that continues to this day.