ohai

Here is how I understood this. "sell TBF when IRs fall" = "Sell TBF when IRs are low" basically what it says short them so when they rise again you are hedged.

"buy t-bond futures when interest rates rise"="buy TBF when IR are high so when they fall you are hedged"

It doesn't say "sell t-bond futures when interest rates ARE fallING and buy t-bond futures when interest rates ARE risING"


V.