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In my opinion: Rates vol >> inflation/treasuries >= Agency MBS >= Swaps >> STIRT for buyside exit opps. Rates vol is easily the most quantitative of the bunch. Inflation/Treasuries is a good option if you want something a bit less quanty
Thank you for the insight. How do you view swaps? Also, is agency MBS frequently traded by macro pods? Also, it seems like MBS would be a little more complicated than treasuries, would that help MBS compared to treasuries? I thought treasuries were more at risk of automation and simpler than most other rate products.
I am less familiar with agency MBS, but inflation is definitely one of the best desks for HF exit within rates. Inflation sits as a bit of a subsidiary of Treasuries at my bank, but they also touch equity indices, commods, and swaps for hedging reasons, so you learn a lot of valuable products on the desk. While swaps is definitely more technical than general Treasuries, I’d argue Treasuries provides better RV training than swaps
mbs is just as good as any and better than most, it's a fairly rare and in-demand skillset (not too dissimilar but more in demand to something like lower right vol like plmonkey mentioned if you trade the right things). There's obviously a spectrum within mbs where passthrough guys tend to go hedge fund and structured guys wind up at banks or real money but its not a hard and fast rule.
What would be the strategies that Passthroughs guys go into on the buyside? More RV?
Treasuries desk is interesting and feel like it's underrated among today's generation
I heard treasuries are at higher risk of automation, is this true?
Do you mean treasury notes/bills/bonds or do you mean the funding (sometimes called treasury) desk?
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