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J.P.Morgan Weigh In On Positioning & Valuations

US TSYS

In the wake of Tuesday's moves J.P.Morgan note that "it appears that positions continue to move toward neutral. Our latest Treasury Client Survey, released this morning, shows net longs moved from -20 to -16, the least bearish position since mid-April. Thus, with poor liquidity exaggerating moves in recent days against the backdrop of cleaner positions and still-rich valuations, we think this limited the moves to lower yields."

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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