5Y Treasury — Commitment of Traders

5-Year Treasury Note futures trade on the CBOT in $100,000 face-value contracts and sit at the belly of the yield curve — the point most sensitive to the convergence of near-term Fed policy expectations and medium-term growth and inflation outlooks. COT positioning in the 5Y is closely watched as a barometer of the market's view on the neutral rate and the path of the Fed beyond the immediate hiking or cutting cycle. Speculative net positioning in 5Y Treasuries often diverges from both the 2Y and 10Y during curve-flattening or steepening trades, making the 5Y COT data useful for identifying belly-of-the-curve opportunities. The COT Index for 5Y Treasuries highlights when speculative short or long positioning is historically extreme relative to recent history. Commercial participants (bank asset-liability management desks and duration hedgers) provide steady counter-cyclical flow. Weekly changes in the 5Y COT track closely with real yield moves and are a useful complement to the 2Y and 10Y COT data for building a complete picture of duration positioning across the Treasury curve.