Morgan Chase's latest U.S. Treasury customer survey shows that the neutral position has dropped sharply, and the multi -end betting has risen to the highest level since October last year.At the same time, in the futures market, the prices of betting funds betting bonds will fall as interest rates have risen, pushing the net short head position of its 10 -year Treasury contract to the highest level since 2019.
The following is the position of the US debt market:
[U.S. Treasury Treasury Spot -Furious confrontation]
Morgan Chase's survey showed that the long and short parties are strengthening their beliefs.As a result, the shorts and bulls have increased this week, reducing the neutral position to the lowest level since September.
[Hedge Fund -increase short]
Investment banks' transactions this week include Daoming Securities and Goldman Sachs's opposition. They recommend using Sofr
September 23/
On September 24th, the contract betting yield curve became flat or steep.At the same time, the latest position data of the US Commodity Futures Trading Commission (CFTC) as of April 11 showed that hedge funds expanded the net position of 10 -year US Treasury futures to the highest level since July 2019.
[Options -increased cost of hedging selling]
In the past week, 10
Options
SKEW) has shifted from positive to neutrality, which indicates that traders are paying less premiums to hedge the rise in US Treasury bonds and increase premiums to hedge for sale.
[10 -year US debt unsuccessful positions]
Among the 10 -year U.S. debt options expired in June, 112.00 and 114.00 Undead -to -check options are still high. In order to watch the bullish structure, the price difference between the US $ 60 million of the bullish period bet on March 14 is still active.Prior to the expiration of May 26, the target yield of this position was about 3.6%, and the current yield was only slightly lower than this level.
