The institution has increased its net long position in SOFR futures to the highest level in history, adding 214000 contracts according to the latest data provided by CFTC on April 8th. Generally speaking: Buying SOFR futures (long)=betting on future interest rate declines (interest rate cuts) Selling SOFR futures (short)=betting on future interest rate hikes (interest rate hikes) Indicating that institutions such as pension funds, hedge funds, and mutual funds are betting that the Federal Reserve will cut interest rates.