Following futures positions of non-commercials are as of March 31, 2020. 10-year note: Currently net short 53k, down 159k. In the week to Wednesday, SOMA (System Open Market Account) holdings went up another $432.2 billion to $4.77 trillion – a … Continued
Following futures positions of non-commercials are as of March 24, 2020. 10-year note: Currently net short 212k, down 39.1k. Monday, the Fed went all in – essentially. It now has an open-ended QE program in place. There is no set … Continued
Following futures positions of non-commercials are as of March 17, 2020. 10-year note: Currently net short 251.1k, up 36.5k. On Sunday, while cutting the fed funds rate by 100 basis points to zero-bound, the Fed also committed to purchase $500 … Continued
Following futures positions of non-commercials are as of March 10, 2020. 10-year note: Currently net short 214.6k, up 57.9k. Next week, the FOMC meets. This follows a 50-basis-point emergency cut of last week, to a range of 100 to 125 … Continued
Following futures positions of non-commercials are as of March 3, 2020. 10-year note: Currently net short 156.7k, down 117.3k. It seems nothing matters. On a day the bond market found out the US economy produced much-better-than-expected 273,000 non-farm jobs in … Continued
Following futures positions of non-commercials are as of February 11, 2020. 10-year note: Currently net short 398.9k, up 40k. The Fed for all intents and purposes has been preparing the markets for more liquidity to come. Since late September last … Continued
Following futures positions of non-commercials are as of February 4, 2020. 10-year note: Currently net short 358.9k, up 88.5k. One more week of additional liquidity from the Fed! In the week to Wednesday, SOMA (System Open Market Account) holdings went … Continued
Following futures positions of non-commercials are as of January 28, 2020. 10-year note: Currently net short 270.5k, down 32.1k. The Fed has a dual mandate of maximum employment and stable prices. The post-Great Recession recovery/expansion has been uneven, but jobs … Continued
The year is quite young, but things have not quite turned out the way bond bears were hoping they would. The 10-year T-yield last week pierced through trend-line support from last September. In due course, this likely opens the door … Continued
Following futures positions of non-commercials are as of January 21, 2020. 10-year note: Currently net short 302.5k, up 79k. The FOMC meets next week – on 28-29. This is the year’s first meeting. Markets do not expect the Fed to … Continued