Kohli also believed that the shrinking bearish stance may also fuel a sizable short squeeze given the extreme shift and may potentially help short-term Treasuries maintain their rally.

“Going forward, the haven demand will be more about the 5- and the 10-year note as the market becomes more acutely aware of these global risks, which already are much bigger than we thought just last week,” Kohli added.

Fixed-income investors can also target the short-end of the yield curve through targeted ETF plays. For example, the iShares 1-3 Year Treasury Bond ETF (NYSEArca: SHY), which has a 1.88 year effective duration, has a 2.37% 30-day SEC yield. The Schwab Short-Term U.S. Treasury ETF (NYSEArca: SCHO), which has a 2.0 year duration, comes with a 2.47% 30-day SEC yield. The Vanguard Short-Term Government Bond ETF (NYSEArca: VGSH), which has a 1.9 year average duration, shows a 2.45% yield. The SPDR Portfolio Short Term Treasury ETF (NYSEArca: SPTS) has a 1.86 year duration and a 2.49% 30-day SEC yield.

For more information on U.S. government debt, visit our Treasury Bonds category.