Reuters logo
Net shorts on U.S. bonds hit 5-week high -JPMorgan
2017年11月7日 / 下午2点39分 / 16 天前

Net shorts on U.S. bonds hit 5-week high -JPMorgan

    NEW YORK, Nov 7 (Reuters) - The margin of investors who said
they had fewer longer-dated Treasuries than their benchmarks
over those who held more longer-dated bonds than their
benchmarks rose to a five-week peak, JPMorgan Chase & Co's
latest client survey showed on Tuesday.
    Investors further scaled back their holdings of longer-dated
government debt in the aftermath of the October payrolls report
released on Friday, which showed a pickup in jobs growth from
the month before when hiring was depressed by Hurricanes Harvey
and Irma.  
    Coinciding with the acceleration in payroll gains in October
was President Donald Trump's nomination of Fed Governor Jerome
Powell last Thursday to succeed current Fed Chair Janet Yellen,
whose term expires in early February. 
    Powell is seen as likely to stick with the central bank's
gradual pace of rate increases. Stanford University economist
John Taylor, another top candidate, was considered more hawkish.

    The slow path on Fed rate hikes will likely help inflation
to reach the Fed's 2-percent goal, which reduce some appeal to 
holding longer-dated U.S. bonds.
    The share of investors who said on Monday they were "short"
longer-dated Treasuries grew to 49 percent from 43 percent from
last week. 
    The share who said they were "long" decreased to 11 percent
from 13 percent a week ago.
    The net shorts jumped to 38 percent, the most since Oct. 2,
from 30 percent a week ago. 
     Among active clients including market makers and hedge
funds, net shorts in longer-dated Treasuries increased to 40
percent, the highest since Oct. 10, from 30 percent a week
earlier.
    At 9:23 a.m. (1423 GMT), the 10-year Treasury yield
 was 2.322 percent, little changed from Monday but
down from 2.376 percent a week ago.
    JPMorgan surveyed clients including bond fund managers,
central banks and sovereign wealth funds, as well as market
makers and hedge funds.
    The chart below displays the latest survey results of
JPMorgan's Treasury clients:

  All clients     Long   Neutral  Shorts     Net
                                           Position
 Nov. 7            11      40       49       -40
 Oct. 30           13      44       43       -30
 Oct. 23           13      47       40       -27
 Oct. 16           15      55       30       -15
 Oct. 10           15      43       42       -27
 Oct. 2            5       51       44       -39
 Sept. 25          11      59       30       -19
 Sept. 18          16      61       23        -7
 Active clients                                
 Nov. 7            10      40       50       -40
 Oct. 30           10      50       40       -30
 Oct. 23           10      50       40       -30
 Oct. 16           10      80       10        0
 Oct. 11           10      40       50       -40
 Oct. 2            0       30       70       -70
 Sept. 25          20      50       30       -10
 Sept. 18          10      70       20       -10
 * NOTE: Positive value denotes net long, negative value denotes
net short

 (Reporting by Richard Leong; Editing by Chizu Nomiyama)
  

我们的标准:汤森路透“信任原则”
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below