Help with Fixed income terminology

New to fixed income trading. I’ve been reading research reports and got puzzled by the short notations.

Morgan Stanley research report from last winter: A butterfly 2s7s20s (50:50) with short 7s.

What exactly is 2s? Is it 2-year treasury on the run? Off the run? Or Futures?

How to short 7s? CME doesn’t have 7yr futures.

What is 50:50? How does it translate to positions for the butterfly body/wing?

Thanks monkeys!

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WSO Monkey Bot

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zuo.jonathan, have you checked out these or run a search:

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Hope that helps.

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Help with Fixed income terminology

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