According to the latest open position contract data released by the Chicago Mercantile Exchange, the US bond and interest rate futures market is undergoing significant position adjustments, and the amount of unclosed positions for contracts of different terms is showing a clear divergence trend. In terms of treasury bond futures, the 5-year US Treasury bond contract was liquidated for the second consecutive trading day. The number of outstanding contracts dropped sharply by about 34,000, the largest liquidation margin since June 30. Meanwhile, the number of outstanding 2-year treasury bond contracts has declined for the fourth consecutive trading day. The cumulative decline over the four trading days is equivalent to a drop of about 5 million US dollars per basis point. In contrast, there has been an increase in the number of open contracts for 10-year and more than 10-year treasury bonds. In the interest rate derivatives market, most open SOFR futures contracts declined, with four contracts due in 2027 falling by about $1.6 million per basis point. In terms of federal funds futures, the number of open positions in the July contract fell by nearly 21,000, to the lowest level since June 23; in stark contrast, the number of open positions in the August contract continued to rise. Currently, it is close to 800,000, which is more than double the July contract. This position change indicates that traders are speeding up closing or moving positions as the July contract expires. Capital is being concentrated significantly on August federal funds futures, reflecting the market's close attention to the Federal Reserve's August interest rate decision and the game is heating up.

According to the latest open position contract data released by the Chicago Mercantile Exchange, the US bond and interest rate futures market is undergoing significant position adjustments, and the amount of unclosed positions for contracts of different terms is showing a clear divergence trend. In terms of treasury bond futures, the 5-year US Treasury bond contract was liquidated for the second consecutive trading day. The number of outstanding contracts dropped sharply by about 34,000, the largest liquidation margin since June 30. Meanwhile, the number of outstanding 2-year treasury bond contracts has declined for the fourth consecutive trading day. The cumulative decline over the four trading days is equivalent to a drop of about 5 million US dollars per basis point. In contrast, there has been an increase in the number of open contracts for 10-year and more than 10-year treasury bonds. In the interest rate derivatives market, most open SOFR futures contracts declined, with four contracts due in 2027 falling by about $1.6 million per basis point. In terms of federal funds futures, the number of open positions in the July contract fell by nearly 21,000, to the lowest level since June 23; in stark contrast, the number of open positions in the August contract continued to rise. Currently, it is close to 800,000, which is more than double the July contract. This position change indicates that traders are speeding up closing or moving positions as the July contract expires. Capital is being concentrated significantly on August federal funds futures, reflecting the market's close attention to the Federal Reserve's August interest rate decision and the game is heating up.