A portfolio manager plans to use a Treasury bond futures contract to hedge a bond portfolio over the next six months. The portfolio is worth $50 million and will have a duration of 3.0 years in six months. The futures price is 112, and each futures contract is on $100,000 of bonds. The bond that is expected to be cheapest to deliver will have a duration of 7.0 years at the maturity of the futures contract. What is the new position if after two months the bond that is expected to be cheapest to deliver changes to one with a duration of 6.0 years? (a) Short 223 contracts (b) Short 191 contracts O (c) Short 446 contracts (d) None of the above