德意志银行发布截至2026年9月22日当周的CFTC交易员持仓报告（Rates）。资产管理机构在各期限上操作分化：增持WN 480万美元、TU 150万美元，减持US 710万、TY 700万、FV 320万、UXY 150万美元，其国债DV01净敞口整体下降1250万美元。杠杆基金整体增持国债DV01敞口530万美元，其中US +740万、FV +580万、UXY +30万美元，同时削减TY 400万、TU 220万、WN 200万美元；净投机者国债期货总敞口（以DV01计）增加1250万美元。短端利率市场方面，杠杆基金减持30天联邦基金240万美元，增持1个月SOFR 180万美元与3个月SOFR 820万美元；以DV01计，净投机者在1个月与3个月SOFR上分别增加170万与630万美元，30天联邦基金减少90万美元，短端利率净投机持仓整体增加710万美元。
In the week leading up to Tuesday, September 22, asset manager activity was mixed across tenors as they increased exposures to WN by $4.8 million and TU by $1.5 million, but decreased exposures to US by $7.1 million, TY by $7.0 million, FV by $3.2 million, and UXY by $1.5 million. Their overall net Treasury DV01 exposure decreased by $12.5 million. Leveraged funds increased their overall Treasury DV01 exposure by $5.3 million, adding to positions in US by $7.4 million, FV by $5.8 million, and UXY by $0.3 million, while trimming exposures in TY by $4.0 million, TU by $2.2 million, and WN by $2.0 million. Net speculators increased their total Treasury futures exposure by $12.5 million in DV01. Within the short-term rates market, leveraged funds trimmed their exposure to 30-day federal funds by $2.4 million while increasing exposures to 1-m SOFR by $1.8 million and 3-m SOFR by $8.2 million. In DV01 terms, net speculator positions in 1-m SOFR and 3-m SOFR increased by $1.7 million and $6.3