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

US TSYS
US TSYS: ***The New York Federal Reserve released Primary Dealer position data
for Aug 9 last night. 
- The big story is the continued reduction in sub-2Y positions as the dealers
continue to climb out of their old off-the-run positions. Also, total 3-6Y
positions peaked at $33bln in late May but declined to $13bln on July 12 but
back to $25bln
- HIGHLIGHTS: 
- 0-2Y. Just $18bln longs in 0-2Y paper is very small by recent standards
- 2-3Y. As the 0-2Y long position falls, the short in the 2-3Y position has
risen. Was short $9.7bln on Jul 19, now long $1.4bln.
- The 3-6Y long position is building again and is close to highs again. Most of
the position increase has been in currents.
- See https://tinyurl.com/lydsm2o

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