***Latest Commitment of Traders......>

US TSY FUTURES: ***Latest Commitment of Traders data shows record asset manager

shorts in Eurodollars and record dealer longs in the same instrument.

- Statistically, asset manager positions have the largest influence on future

prices and they have a massive flattener on. Record shorts on the eurodollar and

still very large Ultra 30Y positions. 

- In terms of 10Y equivalents across all contracts asset managers are long,

levered money is short and dealers are long. 

- The long-running game of chicken between asset manager longs and leveraged

money shorts in the Ultra remains.

- Dealers are very long eurodollars and recently bought roughly $12bln of 0-2Y

USTs, taking the total to $29.4bln according to NY Fed Primary dealer data.

Dealers are likely short a lot of swaps to hedge these long positions.

- US Futures positioning uses the newer version of the Commitment of Traders

Report that splits between "asset Managers/Leveraged/Dealers/Other Reportables.

See https://tinyurl.com/znjt6z6 for charts of Current 10-year equivalent

positions.