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StreetToStreets · Accepted Answer

Well maybe I can offer some advice. At your stage I wouldn't focus so much on trying to learn advanced technical stuff. I would focus on improving your understanding of how the products work by meeting and talking to people who trade them. You are not going to learn how to trade rates from reading a book. Why? Because technical knowledge of these products isn't the most important skill you need to make money trading them. You more need to demonstrate aptitude to learn them.

StreetToStreets · Answer

When you're actually in a seat, a lot of details about modeling the the product aren't as important as they seem in a book, unless you're a modeler. Computers can do the calculations, and there are quants whose primary function is to develop and test sophisticated models for traders to use. They work all day on them, and have PhDs from fancy places, and that's an interesting career path that you may want to look at if you love working on models(which I do by the way, but I'm not a modeler).

macroboxing · Answer

I started in pure rates before moving into a more macro seat. You are correct in that it is a very good starting point. There are a lot of resources online that you can look at, but I would say get very comfortable with basic fixed income math and concepts like duration and convexity. An interesting exercise that might help is trying to price out a vanilla IRS on your own on excel to help give you an understanding of how it is priced and what it means; I actually did this during my sophomore year internship on a rates desk and it really helped.

ghost9851 · Answer

If you’re interested in swaptions and swaps. The holy grail is interest rate swaps and their derivatives by Sadr. It gets pretty technical though so it would be good if you knew the basics (which it seems like you do).

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