Group 1 - Bond traders have rapidly built long positions in U.S. Treasuries, hoping for a boost from the upcoming June non-farm payroll report [1] - The recent data showed a surprising increase in job vacancies for May, indicating a strong labor market, which led to a sell-off in the bond market [1] - Citigroup strategist David Bieber noted that long positions in U.S. Treasuries have been accumulating, with tactical positions becoming "highly one-sided" after significant long building over the past week [1] Group 2 - The bullish momentum in the U.S. Treasury futures market is also reflected in the options market, with traders spending up to $32 million on options betting on further increases in 10-year Treasury yields [3] - There is a concentration of long positions in the U.S. Treasury market, and if employment data does not support expectations for a Fed rate cut next month, traders may begin to unwind their positions [3] - The market is still seeking to hedge against potential rising yields, with traders establishing hedge positions betting that 10-year Treasury yields will rebound to around 4.3% before Thursday's close [3]