Options - USD

USD Vol: Vol shifts back higher; Noisy, chaotic

Vols are back higher today, led by gamma in the belly of the curve. Price action remains noisy, chaotic. BofA sees vol stuck between stress and Fed.

USD Vol: Left side stays bid; Right side dips

USTs plunged more than 30bps after weak ISM, and the UK reversal on tax cuts. The very ULC held a bid while the rest of the surface dipped lower.

USD Vol: 10y tails sink lower; ULC holds up

The right side of the surface is saw selling pressures with 1y10y and 6m10y trading down. The left side remains better bid for the most part.

USD Vol: Violent rally; High realizeds, illiquidity persi...

High realizeds, violent moves have further upended the markets. Vols are up, led by ULC, but little has traded. 5y, 10y tails, 1y10y riskies trade.

USD Vol: Phantom positions come out with extreme moves

Vols ticked up higher still with pieces like 1y1y near highs. With the extreme moves, small positions are magnified, sources say. Citi examines skew.

USD Vol: Vols bolt higher with realizeds, breakout

The vol surface surged higher today with 3m to 6m expiries rising as much 12 normals. Sources report offers peeling back - and wide. ULC also popped.

USD Vol: Vols rise from yesterday’s depths

The double digit UST selloff spurred some vol buying in pieces like 1y1y, 3m10y and 2y10y, but the move did not goes as far as some thought it might.

USD Vol: Vols plummet further post-FOMC

The vol surface was already under pressure pre-FOMC, but has seen around a doubling of the move in the post-FOMC flush lower.

USD Vol: Right side outperforms amid UST steepening

The right side is outperforming today as the underlying curve steepened. 10y tails led the move. Participants mostly describe conditions as illiquid.

USD Vol: Surface flattens, though gamma firming fades

The vol surface is flattening. Gamma is off the earlier levels amid light trading. Citi sees 2y vol term structure signaling extended uncertainty.