Treasury Block Trades [Rolling headline, 10th November 2026]

• 07:51ET/12:51GMT: 6.1k 2-Year T-Note Weekly Options - Week 2, 102.125 puts (ZT2X6) at 0-035

• 10:37ET/15:37GMT: Bought 12.0k 10-Year T-Note Options, 105.50 puts (OZNZ6) for 0-100 & bought 3.0k 10-Year T-Note Futures (ZNZ6) at 106-040
• 09:09ET/14:09GMT: Bought 71.8k 2-Year T-Note Futures (ZTZ6) at 102-027 & sold 16.3k Ultra U.S. Treasury Bond Futures (UBZ6) at 109-080
• 09:02ET/14:02GMT: Bought 5.0k 2-Year T-Note Options, 102.00 calls (OZTZ6) for 0-100 & sold 7.5k 2-Year T-Note Options, 102.375 calls (OZTZ6) at 0-015 & sold 1.9k 2-Year T-Note Futures (ZTZ6) at 102-032
• 08:52ET/13:52GMT: Bought 2.0k Ultra U.S. Treasury Bond Options, 112.00 calls (OUBZ6) for 0-110 & sold 2.0k Ultra U.S. Treasury Bond Options, 114.00 calls (OUBZ6) at 0-030
• 07:40ET/12:40GMT: Bought 8.9k 2-Year T-Note Futures (ZTZ6) at 102-072 & sold 2.4k Ultra U.S. Treasury Bond Futures (UBZ6) at 110-020

Rolling block reports of this kind are flow colour rather than signal on their own; the established caveat is that block prints show one side of a trade with no visibility on whether it opens, closes, hedges cash, or legs a larger structure, so reads are necessarily tentative. The standout print is the roughly 72k lot 2-year future bought against roughly 16k Ultra bond futures sold, which on a DV01-weighted basis reads as a steepener and is among the larger curve expressions to cross a session tape; comparable outsized curve blocks have historically clustered around positioning ahead of data, refunding supply, or month-end index flows rather than a fresh directional view. The accompanying options flow is more mundane: the 10-year put purchase against futures bought is a classic protective or synthetic structure, the 2-year call spread sold futures against it is yield-enhancement style overwriting, and the Ultra bond call spread is range-bound upside expression, none of which commits heavily to a tail view. The worth watching element is whether the steepener theme repeats across subsequent sessions and whether it aligns with the auction calendar, bill supply, or front-end data sensitivity, since repeated same-direction curve blocks have tended to precede visible cheapening of the long end against the belly. Single-session flow of this kind more often fades into noise than marks a turn.