Investors are hedging in both 10- and 30-year tenors through a range of option structures around September Treasury puts. The ICE BofA MOVE Index, a proxy of Treasury market volatility, has remained comparatively subdued despite the recent climb in yields. Flows on Friday showed investors targeting a 10-year yield move toward 4.8%, roughly 10 basis points above its current level. The price of that option — purchased between 23 to 37 ticks — has soared and stood at 75 ticks on Friday. Larger option flows seen since the Fed meeting have targeted a 10-year yield as high as 4.9% and a 30-year yield rising to as much at 5.42%, just below the 2007 high.