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

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