CFTC: Speculators Raise Net Shorts in CBOT 10-Year, 5-Year Treasury Futures

The split is the story: speculative shorts piled into the belly of the curve while the front end and ultra-long both saw covering. That pattern points to positioning against intermediate maturities rather than a uniform bearish Treasury view, which matters because the belly is where duration risk and policy expectations collide. Whether the two-year and ultra-long reductions reflect genuine conviction or just relative-value rotation is the open question, and the next CFTC update will show if the belly build has legs.