Bloomberg Market Analyst Yasumasa Nakagomi contributed to this story. The original version first appeared on Bloomberg Terminal.
The money is still holding on to the iShares 20+ Year Treasury Bond ETF despite the possibility of a hike in July. Meanwhile, the US central bank’s expansionary policy has had a significant impact on the lower end of the Treasury curve, leaving longer maturities intact. Futures traders’ most common positions are concentrated in two- and five-year bonds.