COT Reports / US Treasuries

US Treasuries
The COT Report for US Treasuries shows the positioning of major market participants (banks, funds, producers). Extreme positioning can indicate potential market trend reversals.

Understand how big banks, hedge funds, and commercials are positioning themselves in US Treasuries. Analyze institutional money flows to identify historical extremes and gain a deeper understanding of underlying market dynamics.

How to Read Treasury Data

The Inverse Relationship: It is crucial to remember that Treasury bond prices move inversely to yields! A massively bullish (net-long) positioning in bond futures implies that the market is expecting interest rates to fall.

The True "Smart Money": In the US Treasury market, large asset managers ("Commercials") often reflect long-term macroeconomic investment convictions, while leveraged funds ("Non-Commercials") are more likely to execute shorter-term arbitrage or speculative trades.

10-Year T-Note (ZN)

ZN

The 10-Year Treasury Note is the primary benchmark for global interest rates and mortgage pricing.

2-Year T-Note (ZT)

ZT

The 2-Year Treasury Note is highly sensitive to Federal Reserve rate decisions and near-term monetary policy expectations.

30-Year T-Bond (ZB)

ZB

The 30-Year T-Bond is the longest-duration standard Treasury, making it the most sensitive to inflation expectations and long-term interest rates.

5-Year T-Note (ZF)

ZF

The 5-Year Treasury Note sits at the yield curve's midpoint, balancing Fed policy sensitivity with longer-term economic growth expectations.

Ultra 10-Year T-Note (TN)

TN

The Ultra 10-Year is an amplified version of the standard 10-Year (ZN) – same maturity point on the yield curve, but with higher duration, meaning price swings are larger for the same interest rate move.

Ultra T-Bond (UD)

UD

The Ultra T-Bond is an amplified version of the standard 30-Year (ZB) – it has the longest duration of all Treasury futures, so even small rate changes cause outsized price reactions. Used by institutions for aggressive rate bets.

Latest Treasury & Bond News

Sep 03, 2026 Neutral

CoreWeave's Interest Bill Is Nearly 4x Operating Income - That's Not The Big Threat

CoreWeave, Inc. retains my Strong Buy rating, as Q2 revealed a step-change in adjusted operating margin from 1% to 5%. CRWV's forward guidance implies a massive Q4 ramp, with up to 60% of full-year...

Sep 01, 2026 Negative

NVDA Is Booming, But BlackRock Sounds the Alarm on a $100 Billion AI Debt Problem: Are AI Bottleneck Plays BE, VRT, MU the Next Winners?

Despite Nvidia Corp.'s (NASDAQ:NVDA) massive second-quarter earnings blowout, the BlackRock Investment Institute is urging investors to become more selective within AI as higher interest rates make...

Aug 31, 2026 Positive

Warren Buffett Set Berkshire Hathaway Up for Years: Top 5 Stocks Yield $589 Million Each Quarter

Legendary investor Warren Buffett was well-known for his belief in value stocks during his time as CEO for Berkshire Hathaway (NYSE:BRK) (NYSE:BRK). While successor Greg Abel has made many changes ...

Gold Mini (GM) Aug 28, 2026 Negative

Gold, silver sink as Warsh revives September Fed-hike trade - Kitco PM Report

Spot gold and silver prices are sharply lower in late-afternoon U.S. trading Friday, after Fed Chair Kevin Warsh used his Jackson Hole speech to reinforce the central bank's inflation fight, liftin...

Silver (SI) Aug 28, 2026 Negative

Gold, silver sink as Warsh revives September Fed-hike trade - Kitco PM Report

Spot gold and silver prices are sharply lower in late-afternoon U.S. trading Friday, after Fed Chair Kevin Warsh used his Jackson Hole speech to reinforce the central bank's inflation fight, liftin...

Gold Mini (GM) Aug 28, 2026 Neutral

Gold is 'on the radar screen' and the Fed is split 'down the middle,' former Fed president says

Jim Bullard says a hold next month could still be hawkish, foreign central banks found physical gold more desirable than Bitcoin this year, and gold's run-up may signal eroding faith in the Fed, so...

Canadian Dollar Aug 28, 2026 Neutral

Government of Canada Invests CAD $195 Million in Xanadu to Build the Quantum Supply Chain

Federal commitment through the Strategic Response Fund for Project OPTIMISM anchors Xanadu's plan to manufacture the components of fault-tolerant utility-scale quantum computers in Canada.

Canadian Dollar Aug 28, 2026 Neutral

Xanadu Secures CAD $195 Million and Establishes Landmark Advanced Photonics Facility

TORONTO, Aug. 28, 2026 (GLOBE NEWSWIRE) -- Xanadu Quantum Technologies Limited ("Xanadu"; NASDAQ/TSX: XNDU), a leading photonic quantum computing company, announced today that it will establish a l...

Gold Mini (GM) Aug 28, 2026 Negative

Gold Weekly Price Rejected at $4,700 as $4,500 Support Looms

Gold price retreats from $4,700 after a hawkish Fed speech, putting $4,500 support in focus with the 50-week EMA near $4,271 if selling deepens.

Silver (SI) Aug 28, 2026 Negative

Gold (XAU/USD) & Silver Price Forecast: Warsh at Jackson Hole Looms as Fed Inflation Warnings Grow

Gold and silver await Kevin Warsh's Jackson Hole speech as Fed inflation warnings intensify, with XAU/USD testing key $4,575 support.

Silver (SI) Aug 28, 2026 Positive

Gold and Silver Price Forecast: Warsh's Jackson Hole Speech Takes Center Stage

Gold remains bullish above $4,500, while silver eyes a break above $72 as Fed rate expectations and Warsh's Jackson Hole remarks guide the next move.

Euro FX (E6) Aug 27, 2026 Neutral

ECB saw a future hike as likely at July meeting

European Central ​Bank policymakers meeting ‌last month saw another ​interest rate ​increase as likely ⁠needed to ​bring inflation ​back down to 2%, the ECB's ​account of ​the meeting showed ‌on ⁠T...

Platinum (PL) Aug 26, 2026 Neutral

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Traders Reduce Bets On Dovish Fed

Higher-than-expected PCE data put pressure on gold prices today.

Aug 25, 2026 Neutral

3 Big Yield Credit Plays Explained: FS KKR, BlackRock TCP and Oxford Lane

High-yield credit vehicles look easy on the surface: Buy the ticker, collect the check, repeat.

Euro FX (E6) Aug 25, 2026 Neutral

AstraZeneca prices €2.55bn euro bond sale across four tranches

AstraZeneca PLC (LSE:AZN, NASDAQ:AZN), the FTSE 100 pharma group, has priced a €2.55 billion bond offering, tapping the euro debt market for general corporate purposes. The notes were issued on Mon...

Gold Mini (GM) Aug 25, 2026 Positive

Gold hits over three-month high on dollar weakness, Treasury bond buyback plans

Gold prices rose to the highest in over three months, supported by a weaker U.S. dollar. Investors are keeping watch for the upcoming inflation data.

Aug 25, 2026 Neutral

Berkshire Hathaway Rose While Every Major Chip Stock Fell Monday

Berkshire Hathaway's B shares rose more than 1% Monday morning while Nvidia, AMD, Broadcom, Intel, and Micron all declined. The conglomerate held about $360 billion in cash and Treasury bills at th...

Gold Mini (GM) Aug 24, 2026 Positive

Gold Is Still Historically High. Is VanEck Gold Miners ETF or Sprott Gold Miners ETF the Better Way to Play Bullion's Strength?

VanEck Gold Miners ETF has a significantly larger asset base with $31.0 billion in assets under management. Sprott Gold Miners ETF offers a lower expense ratio of 0.46% and a higher dividend yield ...

Euro FX (E6) Aug 24, 2026 Neutral

Philips prices EU green bond for EUR 650M

August 24, 2026 Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the successful pricing of its offering of EUR 650 million fi...

Platinum (PL) Aug 24, 2026 Neutral

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests New Highs As Traders Stay Focused On Bond Buyback Plan

Silver and platinum moved lower as traders decided to take some money off the table.

Silver (SI) Aug 24, 2026 Neutral

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests New Highs As Traders Stay Focused On Bond Buyback Plan

Silver and platinum moved lower as traders decided to take some money off the table.

Silver (SI) Aug 24, 2026 Negative

Silver (XAG) Forecast: Silver Lags Gold as Safe-Haven Buyers Take Control

Silver lags gold as safe-haven flows chase fiscal risk, leaving XAGUSD dependent on a weak dollar, lower yields and this week's PCE report.

High Grade Copper (HG) Aug 24, 2026 Positive

Harmony Gold Mining: A Copper Pioneer By Capitalizing On The Gold Tailwind (Reaffirming Buy)

Harmony Gold continues to maintain value appeal with FY26 expected EPS guidance of ~$2.65, implying an ~8.8x P/E and ~11% earnings yield at ~$23.50. HMY's copper expansion is a structural earnings ...

Aug 22, 2026 Neutral

Trump reshuffled his portfolio in June, selling names like Meta and buying Berkshire Hathaway

President Donald Trump disclosed just over 1,000 financial transitions for the month of June. The buying and selling of stocks, bonds and ETFs appears to be a broad reshuffling of his portfolio.