Investors have been scouring economic data and Fed officials' remarks for clues on the timing of Fed easing.
The bets underscore momentum in the market for a cut.
The Fed may hint at how much it may cut interest rates this year.
Traders have also been piling into short-dated Treasury options to hedge against potential rising rates.
JPMorgan's latest Treasury client survey showed the biggest net drop in long positions since May 2020
The former top guy at the world's biggest bond fund nailed a rates bet made in late October.
Interest-rate derivatives show traders are pricing in more than 100 basis points of monetary easing for 2024.
Both banks had recommended trades based on the idea that the bond market was overly optimistic about a rate cut.
Traders are once again ramping up bets that the Federal Reserve's next move will be to cut interest rates.
Traders also placed bets on higher interest-rate volatility.
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