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Investors pare net shorts on long-term Treasuries -JPM
2016年11月22日 / 下午5点01分 / 1 年前

Investors pare net shorts on long-term Treasuries -JPM

NEW YORK, Nov 22 (Reuters) - The margin on bearish bets on longer-dated U.S. Treasuries over bullish positions fell from its widest level since January in the latest week, according to a J.P. Morgan survey released on Tuesday.

Benchmark 10-year yields rose to their highest level in a year last week as traders dumped bonds around the world on bets a Trump administration and a Republican-controlled U.S. Congress would enact tax cuts and government spending that would stoke inflation through a surge in the federal borrowing.

Renewed appetite for bonds since last Friday has pushed U.S. Treasury yields lower.

The share of “long” investors who said they were holding longer-dated U.S. government debt than their portfolio benchmarks rose to 14 percent from 11 percent a week ago, J.P. Morgan said on the survey conducted on Monday.

The share of “short” investors, who said they were holding fewer longer-dated Treasuries than their benchmarks, fell to 20 percent from 23 percent last week, J.P. Morgan said.

Short investors outnumbered long investors, or net shorts, by 6 percentage points, down from 12 percentage points which was the biggest difference since January.

The share of “neutral” investors, who said on Monday they were holding amounts of longer-dated Treasuries that match their benchmarks, was unchanged for a second week at 66 percent, J.P. Morgan’s survey showed.

The 10-year Treasury yield was last at 2.30 percent early on Tuesday, below the 2.36 percent reached on Friday which was the highest since Nov. 9, 2015, Reuters data showed. (Reporting by Richard Leong; Editing by Meredith Mazzilli)

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