***The New York Federal Reserve released....>

US TSYS: ***The New York Federal Reserve released Primary Dealer position data

for Jul 19 last night. What is interesting is another large reduction of sub-2Y

inventory to its lowest since the first week of the year. Perhaps this is

prompted by debt ceiling or rate hike concerns. A consequence of declining

sub-2Y off-the-run longs, the short in the 2Y current has gone (data are from

before this week's auction) and the $4.5bln long is its highest on record.

Overall, dealers have slimmed down total shorts and longs ready for the summer.

- HIGHLIGHTS: 

- 0-2Y. There is now a record long in the 2Y current of 4.5bln.

- 3-6Y. Long inventory in off-the-run 3-6Y paper rebounds from lows.

- 11Y+. Dealers have trimmed their exceptionally large off-the-run longs to a

still decent $26.7bln.

- See https://tinyurl.com/lydsm2o