{"id":46065,"date":"2022-02-01T03:04:39","date_gmt":"2022-02-01T08:04:39","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/short-seller-clearout-leaves-bond-traders-primed-for-crucial-fed\/"},"modified":"2022-02-02T03:07:52","modified_gmt":"2022-02-02T08:07:52","slug":"short-seller-clearout-leaves-bond-traders-primed-for-crucial-fed","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/short-seller-clearout-leaves-bond-traders-primed-for-crucial-fed\/","title":{"rendered":"Short-seller clearout leaves bond traders primed for crucial Fed"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09b3548acda]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09b3548acda'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/treasury\/\" rel=\"category tag\">\n                    Treasury\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Short-seller clearout leaves bond traders primed for crucial Fed<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09b35490741'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">February 1, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a09b35492573'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>This article was written by Edward Bolingbroke\u00a0and\u00a0Marcus Wong. It appeared first on the Bloomberg Terminal.<\/i><\/p>\n<p>The Treasury market appears more likely to respond in a logical way to Wednesday\u2019s Federal Reserve communications because of indications that the past week\u2019s U.S. stock-market bloodbath cleared out a crowded camp of bets on higher yields.<\/p>\n<p>The futures market had already offered up clear <a href=\"https:\/\/bloom.bg\/3AMDwtp\" target=\"_blank\" rel=\"noopener noreferrer\">evidence of short-covering<\/a> during last week\u2019s rally, when Tuesday\u2019s weekly survey of Treasury clients by JPMorgan Chase &amp; Co. detected <a href=\"https:\/\/bloom.bg\/3G9h12Z\" target=\"_blank\" rel=\"noopener noreferrer\">a notable shift<\/a> from short back to neutral.<\/p>\n<p>\u201cThe ructions in the equity market have now been enough to cleanse the once-outsized tactical short base in US rates that built during the first few weeks of this year,\u201d Citi strategists\u00a0Bill O\u2019Donnell\u00a0and\u00a0Ed Acton\u00a0say in a note. The strategists add that the market appears to be going into Wednesday\u2019s Fed statement on a balanced footing \u201cfor the first time in quite a while.\u201d<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"446\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/rush-to-cover.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Rush to cover\" title=\"rush-to-cover\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/rush-to-cover.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/rush-to-cover.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/rush-to-cover.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/rush-to-cover.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/rush-to-cover.png 871w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Charts of the Week - Short, snackable webinars on market trends and asset classes.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Watch now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_6459442694541721916\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/webinars\/charts-of-the-week\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>CME Group Inc. data on open interest &#8212; the number of contracts in which investors have positions &#8212; show sharp declines for U.S. Treasury futures last week, consistent with traders covering short positions as prices rose.<\/p>\n<p>The shift occurred after the benchmark 10-year note\u2019s yield stalled at the 1.90% level, just below a zone where large open interest in options could unleash a wave of\u00a0<a href=\"https:\/\/bloom.bg\/3KVOnWw\" target=\"_blank\" rel=\"noopener noreferrer\">short gamma hedging flows.<\/a><\/p>\n<p>The rejection appeared to catalyze short-covering in futures. The equivalent of\u00a0<a href=\"https:\/\/bloom.bg\/3AMDwtp\" target=\"_blank\" rel=\"noopener noreferrer\">$13.4 million per basis point<\/a>\u00a0move in yield was cut from 5-year note to Ultra Bond contracts on Friday.<\/p>\n<p>Robust demand at a\u00a0<a href=\"https:\/\/bloom.bg\/3KXs6ry\" target=\"_blank\" rel=\"noopener noreferrer\">five-year U.S. bond auction<\/a>\u00a0on Tuesday reflected a similar trend. The sale saw a record-low allotment to primary dealers as the share from indirect bidders rose to the highest since September 2017.<\/p>\n<p>JPMorgan\u2019s Treasury client survey paints a similar picture, with neutral positioning becoming most popular since December.<\/p>\n<p>Ten-year Treasuries were little changed at 1.77% during Asia trading Wednesday, while\u00a0<a href=\"https:\/\/bloom.bg\/35w9O01\" target=\"_blank\" rel=\"noopener noreferrer\">U.S. futures volumes<\/a>\u00a0were light ahead of the Fed decision.<\/p>\n<p>\u201cBalanced Treasury positioning suggests that the market will take the Fed\u2019s cue,\u201d said\u00a0Eugene Leow, rates strategist at DBS Bank Ltd. in Singapore. Still, \u201crisks continue to tilt toward higher Treasury yields in the front-end, as investors nervy over surging U.S. inflation may continue to price in Fed rate hikes.\u201d<\/p>\n<p>The likeliest market-moving event may come from comments on a faster pace of quantitative tightening, TD Securities strategists including Jim O\u2019Sullivan wrote in a note Tuesday. That could allow for a more gradual lifting of the funds rate, they said.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09b3549baa6]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09b3549baa6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a09b3549e398'] = 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JPMorgan Treasury clients shift from short to neutral.<\/p>\n","protected":false},"author":1686,"featured_media":38934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[453,444,449],"tags":[665,574,445],"series":[],"class_list":["post-46065","post","type-post","status-publish","format-standard","hentry","category-markets","category-trading","category-treasury","tag-665","tag-news","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Short-seller clearout leaves bond traders primed for crucial Fed | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Treasury futures open interest collapsed during rally. 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