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

US TSYS
US TSYS: /RESEARCH: The latest JPM Treasury Client Survey has longs steady at
30%, neutrals decline 8% while shorts gain 8%. JPM notes the all clients survey
is "roughly in line with its 4-week average," while the actives survey is
"10%-pts longer than its 4-week average." 
All Clients
* Date     Long   Neutral  Short   Changes
* 7/15     30      45       25      23
* 7/08     30      53       17       9
* 7/22     26      53       21       9
* Actives
* Date     Long   Neutral  Short   Changes
* 7/15     50      40       10      50
* 7/08     60      30       10      30
* 7/22     40      40       20      50

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