January 29, 2019 / 4:09 PM / 6 months ago

More investors bearish on longer-dated U.S. Treasuries this week -survey

NEW YORK, Jan 29 (Reuters) - More bond investors were bearish this week on U.S. longer-dated Treasuries than a week earlier as benchmark 10-year yields were little changed on the week, a J.P. Morgan survey showed on Tuesday.

The margin of investors who said on Monday they were "short," or holding fewer Treasuries than their portfolio benchmarks, over those who were "long," or holding more Treasuries than their benchmarks, was 2 percent, swinging from a net long of 2 percent the previous week, J.P. Morgan said.

On Tuesday, benchmark 10-year Treasury yields were 2.731 percent, compared with 2.732 percent a week ago.

U.S. yields have been bouncing in a tight range on worries about slowing economic growth, trade tensions between China and the United States and stock market volatility.

They held above the 2.543 percent reached on Jan. 4, which was the lowest since Jan. 17, 2018. On Oct. 9, they hit a 7-1/2-year peak of 3.261 percent, according to Refinitiv data.

The share of investors who said they were short Treasuries climbed to 23 percent from 21 percent last week.

Twenty-one percent of investors surveyed said they were long on U.S. government bonds, down from 23 percent last week.

The share of investors who said they were neutral, or holding Treasuries equal to their portfolio benchmarks, was 56 percent for a second week, J.P. Morgan said.

Reporting by Richard Leong; Editing by Bernadette Baum

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