Using the Bloomberg MARS screen, load the futures, futures put, futures call, and cheapest-to-deliver notes on the T-note futures contract you analyzed.

For a guide, see sections "Bloomberg Hedging Screens" and "MARS: Bond Hedging with Futures and Futures Options Using the MARS Platform." Using MARS, evaluate and compare the following positions on the futures options' expiration date for interest rate shifts ranging between -50 bps and +50 bps:

a. Unhedged bond position

b. Bond position hedged with a short futures contract

c. Bond position hedged with a long futures put contract

d. Bond purchase position evaluated at the expiration date on the futures or option (make the bond position negative to reflect cost)

e. Bond purchase hedged with a long futures contract

f. Bond purchase hedged with a long futures call contract