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

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

week to Jan 23rd.

- Heading into the FOMC meeting on Wednesday, US asset managers increased their

net short in eurodollar contracts to a new maximum (since the new CFTC data were

first constructed in 2006). More importantly, Dealer longs are also at new

record highs of 6.4mln contracts. Across all contracts, the dealer's long

position has not been larger since the data were introduced in 2006. They have

acted to absorb selling from other players.

- Generally, asset managers sit on flatteners (and these investors usually have

a greater impact upon prices when positions unwind).

- Across all contracts, levered investors have remained close to record levels.

- 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.