US TSY FUTURES: OI Points To Modest Post-FOMC Net Positioning Swings

The combination of yesterday's rally in Tsy futures and preliminary open
interest data point to surprisingly modest positioning adjustments in the wake
of yesterday's FOMC.

* Long setting (in TU, UXY, US & WN) marginally outstripped short cover (in FV
& TY) in net curve OI DV01 equivalent terms.
* Net positioning seems to remain short across all contracts.

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      01-May-24   30-Apr-24   Daily OI Change   OI DV01 Equivalent Change ($)
TU    4,107,147   4,099,332   +7,815            +280,843                     
FV    6,000,234   6,006,174   -5,940            -243,242                     
TY    4,383,541   4,406,583   -23,042           -1,455,227                   
UXY   2,078,483   2,067,403   +11,080           +941,688                     
US    1,573,135   1,571,853   +1,282            +160,628                     
WN    1,646,898   1,639,493   +7,405            +1,416,157                   

Total -1,400 +1,100,847