CFTC: Speculators Cut 10-Year Treasury Net Shorts by 4,134 to 896,481

The headline cut in 10-year net shorts is the smallest move in the CFTC's Treasury breakdown, and the aggregate decline in overall net shorts is driven mainly by the ultra-long reduction, not by the 10-year. The more telling shift is the 5-year, where net shorts rose sharply, suggesting positioning pressure is concentrated at the belly of the curve rather than the long end. Whether that belly build continues, or unwinds alongside the ultra-long reduction, is the open question for curve watchers.