The following are futures positions of non-commercials as of November 10, 2015. Change is week-over-week. (Due to Veterans Day, a Federal holiday, last week, the CFTC released numbers on Monday.) 10-year note: “Muted global economic growth will not support a … Continued
The following are futures positions of non-commercials as of November 3, 2015. Change is week-over-week. 10-year note: Three prominent Fed officials tried to convince the markets this week that December was in play in earnest. Testifying before the House Financial … Continued
The following are futures positions of non-commercials as of October 27, 2015. Change is week-over-week. 10-year note: Once again, the Fed took a pass. Its decision this week not to raise interest rates was expected. What was not expected was … Continued
The following are futures positions of non-commercials as of October 20, 2015. Change is week-over-week. 10-year note: At the press conference following the ECB meeting on Thursday, when asked by a WSJ reporter as to why the bank is fighting … Continued
The following are futures positions of non-commercials as of October 13, 2015. Change is week-over-week. 10-year note: Central bankers were probably busy scratching their heads this week. Despite trillions in quantitative easing and their valiant effort to push inflation above … Continued
The following are futures positions of non-commercials as of October 6, 2015. Change is week-over-week. 10-year note: Since the September 16-17 FOMC meeting, barring comments from hawks like John Williams, president of the San Francisco Fed, and Dennis Lockhart, president … Continued
By last Tuesday, non-commercials were net long 22,490 contracts in 10-year note futures, having reversed the bearish bet they had in the prior four weeks (Chart 1). Turns out it was the right thing to do. By Tuesday, TLT, the … Continued
The following are futures positions of non-commercials as of September 29, 2015. Change is week-over-week. 10-year note: Hat tip to bond vigilantes! Heading into the FOMC meeting two weeks ago, they never bought into the message coming out of the … Continued
The following are futures positions of non-commercials as of September 22, 2015. Change is week-over-week. 10-year note: Last week, post-FOMC decision not to hike, stocks fell. They had rallied strongly into the meeting, and were probably set to drop either … Continued
The following are futures positions of non-commercials as of September 15, 2015. Change is week-over-week. 10-year note: When the Fed finally raises rates – whenever that is – ahead of that move should we now pay attention to fed funds … Continued