(Bloomberg) — Hedge funds and other large speculators stepped back from a record wager against 10-year U.S. Treasury futures, in a signal that bearish sentiment is fading in the world’s biggest bond market. The group, known for trading on momentum, cut its short position by 59,575 contracts, the steepest reduction since November, to 896,019 contracts, according to Commodity Futures Trading Commission data through Feb. 20. The benchmark 10-year yield reached a four-year high of 2.9537 percent on Feb. 21.
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