Options Action
Ominous bond trades point to much higher rates

Published Mon, May 18 2026 7:41 AM EDT
Oliver Renick
@OJRenick


Traders work at the New York Stock Exchange on May 13, 2026.
NYSE

Options action ignited in products linked to the U.S. bond market Friday as Treasury yields surged to the highest in over a year for the 10-year and 30-year interest rates.

More than three times the past month's average daily volume traded in the long-term Treasury fund, the iShares 20+ Year Treasury Bond ETF (TLT) on Friday, with a heavy bias towards put contracts positioning for lower prices and higher yields. Of the 1.4 million contracts traded, almost 380,000 were puts exchanged at the ask or above, indicating they were likely purchased. By comparison, under 240,000 calls were bought.

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