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

US TSY FUTURES: ***Latest Commitment of Traders data were released on Friday for

week to Dec 5th.

- Dealers largely kept their eurodollar long positions at all-time highs. We

calculate that dealers are long $167bln 10-Year equivalents in eurodollars

although this likely reflects hedges for other positions.

- The other highlight is the sudden rush to short the TY contract by levered

investors, such that their short is close to its biggest since the data were

introduced in 2006. 'Asset manager' and 'other reportables' largely take the

other side of this trade.

- Generally, asset managers sit on flatteners (and usually have a greater impact

upon prices). Levered investors are very short and dealers are

uncharacteristically long.

- 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.