Jason Y

[Doctor Of Credit @Drofcredit]

American Express Marriott Bonvoy Business 150,000 Points + $125 Signup Bonus https://t.co/xwvuBA6ztI

[Jason Y @JasonSYeung]

@GlobalMacroZen Trump tweet. Two weeks ceasefire

[Jason Y @JasonSYeung]

@BlacklionCTA Postponing military strikes

[Jason Y @JasonSYeung]

@EconstratPB This is the key. There may be LDI bid for a true 50yr cash flow. But the neg convexity on 50yr mtges will be awful. These borrowers will refi at first opportunity to lower rates or shorter terms. So I don’t know who the natural buyers of 50yr mtges are

[Jason Y @JasonSYeung]

@brandonjcarl And who are the natural buyers? Unlike a 50yr or century bond, the prepay option and neg convexity won't be appealing to the LDI bid given cashflow uncertainty; borrowers will be very efficient in refinancing into lower rates and/or shorter terms.

[Jason Y @JasonSYeung]

@EconstratPB Seems like a terrible idea. Lower monthly payment but also slower pace in building equity. And investors will hate it because of the prepay option and neg convexity you mentioned (not actual 50yr cashflow, no LDI bid).
And why stop at 50? Why not 100 or perpetual IO then?

[Andy Constan @dampedspring]

@BlacklionCTA Noooooo. We have to make it change. I'll do my part.

[Jason Y @JasonSYeung]

@TopSekret3450 Fed - why do you hate futures but prefer SPX options? Optionality + convexity?

[Jason Y @JasonSYeung]

@MacrostratPB What about the gold futures long, David? Still holding onto it?

[Jason Y @JasonSYeung]

@MacrostratPB Roughly 20%-30% margin usage on pairs basket - does that smell right David?

[Jason Y @JasonSYeung]

@MacrostratPB On short vol what kind of strikes and expiry are you looking at? 5% 10% OTM put spread?

[Jason Y @JasonSYeung]

@Fullcarry Agency MBS traded poorly too. 5-6bp wider vs IG “only” 2 bp wider. Heavy money manager selling esp near end of day, consistent with your color

[Jason Y @JasonSYeung]

@EconstratPB You are long SPY and long EFZ (inverse ETF)
One up 9.5, one down 7.8. Add not difference

[Jason Y @JasonSYeung]

@EconstratPB Shouldn’t it be addictive? 9.5 vs 7.8 = 1.7% outperf?

[Jason Y @JasonSYeung]

@MacrostratPB Any interest in shorting VIX via futures or ETF here?

[Jason Y @JasonSYeung]

@MacrostratPB If fintwit is right (goods trade deficit divided by their exports = voodoo math), then it makes me really pessimistic about U.S. outlook, both outright and vs RoW. Banana republic stuff

[Jason Y @JasonSYeung]

@MacrostratPB Yup understood. Shorting some form of SPY strangle? Or short put / put spreads given you pro risk bias

[Jason Y @JasonSYeung]

@MacrostratPB Do you recommend SVIX as a trade to fade vol?

[Jason Y @JasonSYeung]

@MacrostratPB Oops sorry .227

[Jason Y @JasonSYeung]

@MacrostratPB .216