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“This Won’t End Well” – Speculators Have Never Been More Short Bonds… Ever
“This Won’t End Well” – Speculators Have Never Been More Short Bonds… Ever
It’s a no-brainer…”
As the yield on the 10Y US Treasury note broke above the 3.00% Maginot Line this week (for the first time since Jan 2014), traders piled on – pushing net speculative positioning for 10Y note futures to their largest short ever. In fact, along with almost $4 trillion notional in Eurodollar shorts (betting on rising short-term interest rates), the aggregate position across the rest of the Treasury futures space has also reached a new record short, which, as the chart below shows, is equivalent to well over 1.1 million 10Y futures contracts.
However, just as it became ‘obvious’ that rates were now set to rocket higher – umm growth and inflation and well stocks are awesome-er, right – yields tumbled…more here
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