Speculators reduce U.S. 10-year T-note net short positions -CFTC

BY Reuters | TREASURY | 09/23/22 05:05 PM EDT
          NEW YORK, Sept 23 (Reuters) - - Speculators' net bearish
bets on U.S. 10-year Treasury note futures fell in the latest
week, according to Commodity Futures Trading Commission data
released on Friday.
    The amount of speculators' bearish, or short, positions in
10-year Treasury futures exceeded bullish, or long, positions by
229,590 contracts on Tuesday, according to the CFTC's latest
Commitments of Traders data.
    A week earlier, speculators held 352,889 net short positions
in 10-year T-note futures.
    Below is a table of the speculative positions in Treasury
futures on the Chicago Board of Trade and in Eurodollar futures
on the Chicago Mercantile Exchange in the latest week:
 U.S. 2-year T-notes (Contracts of $200,000)
                          Prior week
        20 Sep 2022
        week
 Long
              139,358        100,196

 Short
              481,773        458,377

 Net
             -342,415       -358,181

 U.S. 5-year T-notes (Contracts of $100,000)
                          Prior week
        20 Sep 2022
        week
 Long
              266,452        276,668

 Short
              760,256        798,127

 Net
             -493,804       -521,459

 U.S. 10-year T-notes (Contracts of $100,000)
                          Prior week
        20 Sep 2022
        week
 Long
              397,050        297,034

 Short
              626,640        649,923

 Net
             -229,590       -352,889

 U.S. T-bonds (Contracts of $100,000)
                          Prior week
        20 Sep 2022
        week
 Long
               76,399         73,918

 Short
              175,938        168,889

 Net
              -99,539        -94,971

 U.S. Ultra T-bonds (Contracts of $100,000)
                          Prior week
        20 Sep 2022
        week
 Long
               71,306         79,375

 Short
              437,219        425,972

 Net
             -365,913       -346,597

 Eurodollar (Contracts of $1,000,000)
                          Prior week
        20 Sep 2022
        week
 Long
              556,537        612,295

 Short
            2,780,308      3,489,617

 Net
           -2,223,771     -2,877,322

 Fed funds (Contracts of $1,000,000)                          Prior week
        20 Sep 2022
        week
 Long
              217,631        228,568

 Short
              193,467        180,607

 Net
               24,164         47,961


In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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