美国利率策略 - 可赎回供给为熊陡曲线打开空间-US Rates Strategy-Callable Supply Opens the Door to Bear Steepeners

January 20, 2026 09:41 PM GMT US Rates Strategy | North America Callable Supply Opens the Door to Bear Steepeners Callable issuance surged early in 2026, making January one of the most active months in years. This created vol dislocations across the surface. We unwind our prior bull steepener trade and shift to a 1y 3s30s bear steepener with a better carry profile. Key Takeaways Please add me to your distribution list. | M US Rates Strategy North America Callable Supply Opens the | Morgan Stanley & Co. LLC ...