JP Morgan Delta-One data show investors sharply shortened US Treasury duration last week. ETF flows pulled from intermediate- and all-maturity government bonds at about -3.5sd and -3.8sd respectively, while short-term government ETFs saw +6.3sd inflows. Futures display a similar structure: aggregate US interest-rate futures net bought roughly $37.5bn (1.9sd), with 2- and 5-year contracts contributing about two-thirds of the notional. Asset managers notably cut long-Treasury positions (change ~-2

JP Morgan Delta-One data show investors sharply shortened US Treasury duration last week. ETF flows pulled from intermediate- and all-maturity government bonds at about -3.5sd and -3.8sd respectively, while short-term government ETFs saw +6.3sd inflows. Futures display a similar structure: aggregate US interest-rate futures net bought roughly $37.5bn (1.9sd), with 2- and 5-year contracts contributing about two-thirds of the notional. Asset managers notably cut long-Treasury positions (change ~-2.1sd). Funds remain invested in fixed income but have rotated to the front end and are actively trimming long-duration risk.