### POV. Things are getting are......>

US TSY FUTURES: ### POV. Things are getting are getting very interesting in US

futures positioning.

- Asset managers have significantly upped their Ultra 30Y longs to the biggest

ever. Leveraged investors have taken some of the other side of this trade and

are massively short. Dealers have taken another portion of the short against the

asset manager's long in the ultra Bond. 

- Looking along the yield curve, asset managers have a sizeable eurodollar to

30Y ultra flattener trade.

- Dealers had been cutting back their eurodollar long positions but recently,

this has revered in the past two weeks. Dealers have cut back their long 0-2Y

UST positions. Thus, it looks like dealers are buying eurodollars and selling

UST (equivalent to receiving the swap spread).

- 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.