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Rolf Gerritsen, CEO at MetalNRG gives an operational update and sees an exciting year ahead
Rolf Gerritsen, CEO at MetalNRG gives an operational update and sees an exciting year aheadView Video
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UPDATE 1-U.S. Treasury 10-year note futures' net shorts surge to largest since Feb 2020 -CFTC

Fri, 14th Jan 2022 21:57

(Adds details, table)
NEW YORK, Jan 14 (Reuters) - Speculators' net bearish bets
on benchmark U.S. 10-year Treasury note futures swelled to their
largest since February 2020, just before the onset of the
pandemic, according to Commodity Futures Trading Commission data
released on Friday.
The surge in 10-year futures' net shorts came amid hawkish
signals from the Federal Reserve last week that bolstered
expectations for a March policy tightening. It also reflects the
growing possibility that the Fed may have to shrink its balance
sheet soon after the rate hike.
Futures on U.S. 10-year notes showed net shorts of 349,839
contracts in the week ended Jan. 11, compared with
276,923 contracts the previous week.
The price on U.S. 10-year note futures dropped to
their lowest since late July 2019 on Jan. 10, coinciding with
the surge in 10-year-yields of 1.8%, the highest since
mid-January 2020.
Futures on U.S. 5-year notes, meanwhile, that part of the
curve that reflects the market's interest rate outlook, showed a
lower net short of 299,657 contracts this week,
the smallest since roughly late November 2021. Net short
contracts last week were at 402,875.
Speculators also increased net longs on U.S. 2-year note
futures to 51,817 contracts from 41,999 the
previous week.
Short-term investors added to bearish bets last week heading
to an ultra-hawkish Federal Open Market Committee minutes and a
good-enough U.S. non-farm payrolls report that kept the Federal
Reserves on track to hike rates in March. And those bets have
paid off and speculators have trimmed their positions.
Below is a table of the speculative positions in Treasury
futures on the Chicago Board of Trade and in Eurodollar futures
on the Chicago Mercantile Exchange in the latest week:

U.S. 2-year T-notes (Contracts of $200,000)
11 Jan 2022 Prior week
week
Long 396,495 380,295
Short 344,678 338,296
Net 51,817 41,999

U.S. 5-year T-notes (Contracts of $100,000)
11 Jan 2022 Prior week
week
Long 314,572 255,298
Short 614,229 658,173
Net -299,657 -402,875

U.S. 10-year T-notes (Contracts of $100,000)
11 Jan 2022 Prior week
week
Long 413,462 491,806
Short 757,301 768,729
Net -343,839 -276,923

U.S. T-bonds (Contracts of $100,000)
11 Jan 2022 Prior week
week
Long 147,857 144,496
Short 212,895 194,046
Net -65,038 -49,550

U.S. Ultra T-bonds (Contracts of $100,000)
11 Jan 2022 Prior week
week
Long 76,368 78,495
Short 385,899 368,096
Net -309,531 -289,601
Eurodollar (Contracts of $1,000,000)
11 Jan 2022 Prior week
week
Long 815,291 778,014
Short 2,595,620 2,587,070
Net -1,780,329 -1,809,056
Fed funds (Contracts of $1,000,000)
11 Jan 2022 Prior week
week
Long 57,362 42,380
Short 124,916 127,671
Net -67,554 -85,291

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie
Adler)

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