June 15, 2018 / 8:16 PM / 5 months ago

UPDATE 1-Speculative U.S. 10-year T-note net shorts hit 2-month low -CFTC

 (Adds background, details on latest data)
    June 15 (Reuters) - Speculators' net bearish bets on U.S.
10-year Treasury note futures fell earlier this week to a
two-month low in advance of the Federal Reserve's widely
expected decision to U.S. raise interest rates, 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
335,994 contracts on June 12, according to the CFTC's latest
Commitments of Traders data.
    A week earlier, speculators held 397,546 net short positions
in 10-year T-note futures.
    By investor groups, asset managers reduced their net longs
in 10-year T-notes to 822,459 contracts, the lowest in four
weeks. Hedge funds and bond dealers scaled back their 10-year
T-note net shorts to four-week lows at 576,062 and 208,441,
respectively.
    On Wednesday, the Fed as expected raised the target rate on
key overnight borrowing costs to 1.75-2.00 percent and signaled
more rate increases are likely as the labor market tightens and
inflation reaches its 2 percent target.
    CBOT U.S. 10-year T-notes for September delivery
ended marginally lower on the week at 119-18/32. 
    Among interest rates futures, speculators pared their net
shorts in Eurodollar futures on Tuesday for a fifth straight
week to 3.329 million contracts, a four-month low, while they
raised their net longs in federal funds futures to 102,976.
 
    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) 
        12 Jun 2018       Prior week
        week           
 Long         409,900        427,386
 Short        427,471        423,896
 Net          -17,571          3,490
 
U.S. 5-year T-notes (Contracts of $100,000) 
        12 Jun 2018       Prior week
        week           
 Long         558,305        534,372
 Short      1,100,486      1,104,377
 Net         -542,181       -570,005
 
U.S. 10-year T-notes (Contracts of $100,000) 
        12 Jun 2018       Prior week
        week           
 Long         561,002        599,377
 Short        896,996        996,923
 Net         -335,994       -397,546
 
U.S. T-bonds (Contracts of $100,000) 
        12 Jun 2018       Prior week
        week           
 Long         118,352         98,482
 Short        114,165        116,651
 Net            4,187        -18,169
 
U.S. Ultra T-bonds (Contracts of $100,000) 
        12 Jun 2018       Prior week
        week           
 Long          77,627         75,998
 Short        270,258        260,423
 Net         -192,631       -184,425
 Eurodollar (Contracts of $1,000,000) 
        12 Jun 2018       Prior week
        week           
 Long         837,266        813,895
 Short      4,165,492      4,271,283
 Net       -3,328,226     -3,457,388
 Fed funds (Contracts of $1,000,000) 
        12 Jun 2018       Prior week
        week           
 Long         296,216        227,032
 Short        193,240        182,209
 Net          102,976         44,823
 
 (Reporting by Richard Leong; Editing by Diane Craft and Will
Dunham)
  
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