Macro Man is long some 108 TYM7 puts expiring in 3 weeks. With the future close to strike and plenty of potentially market moving data today, it makes sense to start delta hedging. He buys 50 futures at 108-05, and bids 107-30 for another 50. He'll reassess should the data prove hawkish/strong and 10 year yields climb back towards 4.70 or above.
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