Hedge funds have given up the ghost because a Fed pivot is coming soon.

After weeks of sporadic attempts to time the Federal Reserve, which is signaling that it is about to take its foot off the tightening pedal, it has thrown in the towel and taken a record short position in two-year US Treasury futures.

And that was before US interest rates hiked 75 basis points for the fourth consecutive day last Wednesday, prompting Fed Chair Jerome Powell to urge that…