### POV. US FUTURES MARKETS ARE......>

US TSY FUTURES: ### POV. US FUTURES MARKETS ARE SEEING LARGER AND LARGER

POSITIONS.

- While not at extremes, the past year has generally seen investor classes

increase their net positions and at the start of 2018, the sum of leveraged

positions is now net short $231bln of 10-Year equivalent positions, which is

very close to the largest ever net short of $243bln seen in March last year 

- Dealers have begun to grow their long positions, a process that began last

September and which is now also showing its largest ever long position in

10-Year equivalents.

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

are very long in the Ultra Bond contract although this is far from fresh

information and is beginning to look structural.

- 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.