You're right on that point, I saw it as Q4. But issuance is going to be larger than 2023 cumulatively. And you're missing the fact that primary dealers are still taking greater shares, indirects have been hit or miss the last few months. Hell Japan might have to burn their UST reserves to defend the yen Bonds have a long way to go and after the feds ridiculous pivot in December bulls aren't showing up

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And just to add on. Doing this would be like putting 100% of cash collateral to go long on a futures trade. It would be useless and make no difference. Depending on the expiry, the risk free rate (UST yield) is already baked into the price of the futures contract.

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