T-Bonds experience overnight spike

After experiencing mostly uneventful trading for most of the overnight session Monday morning, the March U.S. 30-year Treasury bond futures spiked more than five full handles shortly after 1:30 a.m. CST.

Reuters is reporting that the spike that moved March T-bonds from roughly 130-13 to 135-23 occurred over a 13-second period around1:37 CST. Bonds quickly retraced to previous levels over the next minute (see chart).

The CME Group Global Command Center sent out a notice at 3:00 a.m. informing subscribers that  “All trades in ZBH4 above 131-12 will be adjusted to 131-12. All ICS (spread) legs that traded in relation to ZBH4 will be adjusted to 131-12.”

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