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2026-09-26 03:34:12
Data released by the U.S. Commodity Futures Trading Commission (CFTC) shows that in the week ending September 22, speculative funds made differentiated adjustments to their net short positions in U.S. Treasury futures of different maturities on the Chicago Board of Trade (CBOT): - Net short positions in ordinary U.S. Treasury futures decreased by 47,352 contracts, with the latest open interest at 155,805 contracts; - Net short positions in ultra-long-term U.S. Treasury futures decreased by 8,478 contracts, with the current open interest at 336,725 contracts; - Net short positions in 2-year U.S. Treasury futures actually increased by 51,712 contracts, with open interest rising to 907,065 contracts; - Net short positions in 10-year U.S. Treasury futures fell by 9,484 contracts, with the latest open interest at 811,752 contracts; - The net short position in 5-year U.S. Treasury futures saw the most significant decrease, decreasing by 116,513 contracts in a single week, with the final open interest at 880,853 contracts. Such changes in portfolio structure usually reflect the divergence in market speculative funds' expectations for the trend of US Treasury yields of different maturities. The increase in short positions in short-term bonds often corresponds to a strong market expectation that short-term monetary policy will remain tight, while the decline in short positions in medium- and long-term bonds may reflect a marginal adjustment in the funds' judgment on long-term economic growth and inflation trends.
