Bond traders are currently more optimistic about 10-year Treasuries than at any other time in history.

https://preview.redd.it/d8ai3ubzcvid1.png?width=1331&format=png&auto=webp&s=616db94505e868398a7a3fa380848dec993df570

Open interest in 10-year note futures surged to nearly 5 million contracts on Tuesday, indicating that traders anticipate further bond gains.

In the past two years, open interest has soared by 2 million contracts as US inflation has gradually eased.

Rising recession fears and an increase in the unemployment rate have only added to the popularity of this trade.

Is the bond market becoming too crowded?

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