I'm struggling to grasp how people are speculating on these. Obviously I could approach it via technical analysis but being more quantitative I would like to learn how to trade these a little bit more mathematically. I know very little about bond trading right now. I understand there are various spreads though I don't understand how to trade them very well. I picked up The Treasury Bond Basis in hopes of learning more about this fascinating market. As a retail investor is the Treasury Bond Basis book a good starting point to leap into trading these instruments or am I wasting my time and I should go back to more TA/traditional ways of analyzing these? If anyone has any other books as well I'd like to know more. Thanks!