With the Street expecting higher interest rates this year, it's no surprise to see a considerable short in the Treasury market.
But bond investors are the most short duration against their benchmark now than they have been since 2008, according to a recent Stone & McCarthy money manager survey.
As the Fed moved toward tapering its quantitative easing bond purchases, Wall Street became increasingly short Treasurys. Many strategist expect the 10-year yield to move to 3.5 percent or a bit higher this year. Investors are betting on an improving economy and expect the Fed to continue to unwind QE.