Repo Relief and the Basis Trade
The Treasury basis trade remains materially larger than 2024, and this week's easier repo conditions point to a modest unwind rather than a forced break in Treasury plumbing.
By Macro
Featured · Macro · Apr 18, 2026
Repo Relief and the Basis Trade
The Treasury basis trade remains materially larger than 2024, and this week's easier repo conditions point to a modest unwind rather than a forced break in Treasury plumbing.
The Ledger
A new regime of rates
Three charts on why the duration trade is not what it used to be, and what the next cycle rewards instead.
By Macro · Archi Desk