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10Y Treasury Shorts “Aggressively” Cut After Fed Hike, But…
Allow us to ruin the suspense. "But..." there's still a "bigly" short.
As we noted earlier this afternoon, although specs have trimmed 10Y Treasury shorts over the last two weeks (they cut around $7.4m/DV01 in the week ended Tuesday, the second straight week of pared bearish bets), eurodollar shorts are still sitting at a record and as a percentage of open interest, the net spec short position in Treasury futs (TY eq.) is still a 3-sigma-ish event.
This is important because the latest data
