In the past month, so-called commodity trading advisers (CTAs) have offloaded big short positions that were built around the idea of soaring inflation, according to analysis conducted by both JPMorgan Chase & Co. and Nomura Holdings.
Strategists believe those liquidations are stoking the recent revival in US equities and Treasuries. These trend-following quants -- who take long and short positions in the futures market, typically with leverage -- aren’t setting the direction of markets, but are adding fuel to recent moves.
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