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[E2145] SOFR is direct bet on fed rates with no bond complexities. Vega and Theta very small so can buy 1-2 years out and get 8-10X payoff if Fed cuts 200bps. Key advantage: doesn't bleed like equity puts. Bought SOFR3 Dec 10 2027 99 calls as small recession hedge test.
supporting · 2026-04-07