Markets Magazine
Treasury Market’s Fastest Traders Don’t Like Trading Treasuries
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Sam Priyadarshi knew the Federal Reserve’s March statement was good for the Treasury market before he’d read a word of it.
Just as the statement was released, Vanguard Group’s head fixed-income derivatives trader saw a chart of 10-year Treasury futures prices go vertical. The price move, a jump in trading volume, and other indicators of market depth all flashed bullish signals for Priyadarshi’s team on the trading floor of Vanguard’s “Goliath” fixed-income building in Valley Forge, Pa. Goldman Sachs analysts later said the statement was one of the most dovish releases since the financial crisis.