Long-term treasuries may be another crowded trade

Another potentially crowded trade is in long-term US treasuries. As discussed before, some view longer dated treasuries as a portfolio hedge, but the speculative component has grown dramatically.

Source: JPMorgan

One can also see a buildup in the number of shares outstanding of treasury ETFs. Here are the shares outstanding for SPDR's long-term treasury ETF (TLO) - back to the levels we saw during the crisis in October.

TLO shares outstanding

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