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J.P.Morgan's Broad Positioning Overview

US TSYS

Weighing in on Tuesday's moves, J.P.Morgan note that "outside of the rebound in risk assets, there isn't a fundamental factor we can identify to explain the intraday reversal. However, our latest Treasury Client Survey shows positions have continued their march toward a more neutral stance, showing the fewest net shorts in more than 3 months, a 40% reduction from the peak just prior to the June FOMC meeting. Nevertheless, from a longer-term perspective, the data show positioning remains bearish, and that any further short covering could drive yields lower over the near term."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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