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/RESEARCH: The latest JPM Treasury Client...>

US TSYS: /RESEARCH: The latest JPM Treasury Client Survey, longs declined 4pts,
neutrals climbed 6pts, shorts inched declined 2pts. JPM details all clients
survey " is 2%-pts shorter than its 1-month average," while the active clients
survey "remains 8%-pts shorter than its 1-month average".
All Clients
* Date     Long   Neutral  Short  Changes
* 07/09     19      53       28     13
* 07/02     23      47       30     13
* 06/25     25      47       28     11
* Actives
* Date     Long   Neutral  Short  Changes
* 07/09     10      70       20     30
* 07/02     20      50       30     20
* 06/25     30      60       10     40

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