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

US TSY FUTURES
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.
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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