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

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

futures positioning.

- Dealer eurodollar long positions are going almost vertical. It might be though

that the approach of the year-end would have encouraged the dealers to reduce

positioning but the opposite is true. 

- Leveraged investors have kept their short positions when we count up all

positions in terms of 10Y equivalents. There largest short is in the Ultra but

in the past two weeks, there has been large selling of the TY contract.

- Asset managers have a very, very large short in eurodollar and positioning is

at a new record of $76.8bln 10-year equivalents. However, some of the large

asset manager long in the Ultra position is gradually dropping.

- 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.