[U.S. Treasury futures are experiencing large-scale deleveraging by asset managers and signs of forced selling are emerging] On October 10, asset managers were selling long-dated U.S. Treasury bond futures contracts, indicating that forced selling was occurring as spot bond yields hovered near multi-year highs. Data from the U.S. Commodity Futures Trading Commission (CFTC) shows that in the two weeks ended October 6, the net long position of ultra-long-term Treasury futures held by asset managers decreased by approximately $27 million on a per basis point risk basis. This is equivalent to about $38 billion in current benchmark 10-year U.S. Treasury notes. During the same period, futures contract prices fell sharply as the 30-year U.S. Treasury yield rose to a 24-year high of 5.68%. This is part of a months-long sell-off in U.S. Treasuries, driven by concerns about the inflationary impact of the U.S.-Israeli war with Iraq, worsening global government fiscal conditions, and a boom in artificial intelligence (AI) that could further stimulate the U.S. economy that the Federal Reserve is trying to curb.