In the 1.9 snapshot 15w31a, there was a glitch where all the items were lower then they were meant to be in 1st person. This was fixed for every single item in the game except for the fishing rod and items related to it such as the carrot on a stick.
The intended position from 1.8.9
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The current fishing rod position
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This feels like a cosmetic issue, so I will watch it, but I don't think it needs to be fixed quickly