CFTC: Speculators Raise Net Shorts in CBOT Ultra-Long Treasury Futures

The divergence is the story: ultra-long positioning barely moved while the broader Treasury complex added shorts at a far larger clip, suggesting the marginal bearishness sits in shorter maturities rather than the long end. That matters for anyone tracking duration risk and the shape of the curve, since long-end shorts are often the more crowded, conviction trade. Whether the ultra-long net short keeps grinding higher or stalls while the broader complex extends is the open question.