Analyze duration and yield curve positioning: 1. Current Curve Shape: - Yield at key tenors (2Y, 5Y, 10Y, 30Y) - 2s10s spread and percentile - 5s30s spread and percentile - Curve steepness vs. history 2. Macro Regime Assessment: - Current economic cycle stage - Inflation trajectory - Fed policy stance and path - Historical curve behavior in similar regimes 3. Duration View: - Preferred duration positioning (long/neutral/short) - Key level for view change - Catalysts for rate move 4. Curve Trade Ideas: - Steepener or flattener preference - Bullet vs. barbell analysis - Specific butterfly trades 5. Breakeven Analysis: - Carry on current position - Breakeven yield change - Roll-down value 6. Risk Scenarios: - Bull flattener scenario P&L - Bear steepener scenario P&L - Parallel shift scenarios 7. Trade Expression: - Specific instruments (futures, cash, swaps) - Entry levels - Hedge considerations