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CFTC CoT Shows A/M Generally Adding To Duration, Hedge Funds Extending Most Shorts

US TSY FUTURES
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The latest CFTC CoT noted a mix of net non-commercial positioning movements through Tuesday of last week.

  • Net shorts were added to in FV, UXY & WN futures.
  • Net shorts were pared in TU & TY futures.
  • Positioning flipped net long in US futures for the first time since June '22.
  • Asset managers extended on their recent run of adding to duration longs (outside of TU & TY futures).
  • Meanwhile, hedge funds trimmed their net short position in TU futures. That comes after that positioning metric posted a record net short outright level in late April. They also trimmed net shorts in TY futures, but added to net shorts across the remainder of the curve.
  • A reminder that the report covers a period that saw an increase in the frequency of stagflation discussions owing to U.S. data developments and doesn't cover the period seen since last Wednesday's CPI print.

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The latest CFTC CoT noted a mix of net non-commercial positioning movements through Tuesday of last week.

  • Net shorts were added to in FV, UXY & WN futures.
  • Net shorts were pared in TU & TY futures.
  • Positioning flipped net long in US futures for the first time since June '22.
  • Asset managers extended on their recent run of adding to duration longs (outside of TU & TY futures).
  • Meanwhile, hedge funds trimmed their net short position in TU futures. That comes after that positioning metric posted a record net short outright level in late April. They also trimmed net shorts in TY futures, but added to net shorts across the remainder of the curve.
  • A reminder that the report covers a period that saw an increase in the frequency of stagflation discussions owing to U.S. data developments and doesn't cover the period seen since last Wednesday's CPI print.