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Net shorts on U.S. longer-dated bonds hit record high -JPMorgan
2017年10月3日 / 下午1点40分 / 16 天前

Net shorts on U.S. longer-dated bonds hit record high -JPMorgan

    NEW YORK, Oct 3 (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 record high, JPMorgan Chase & Co's latest
client survey showed on Tuesday.
    Investors have reduced their bond holdings in recent days
after Federal Reserve Chair Janet Yellen said last week the U.S.
central bank remains on its gradual rate hike path even as
inflation has been stuck below its 2-percent goal, analysts
said.
    U.S. President Donald Trump's introduction of his tax plan
also raised speculation whether it will increase the
government's deficit and its borrowing to finance it, they said.

    The share of investors who said they were "short"
longer-dated Treasuries rose to 44 percent from 30 percent a
week earlier. 
    The share of them who said they were "long" fell to 5
percent from 11 percent.
    The net shorts grew to a record peak of 39 percent from 19
percent the previous week, JP Morgan said.
    Among active clients which include market makers and hedge
funds, a record 70 percent of them said they were short
longer-dated U.S. bonds, while none of them said they were long.
A week ago, 30 percent of them were short and 20 percent were
long. 
    At 9:10 a.m. (1310 GMT), the 10-year yield was
up 1.5 basis points at 2.352 percent, which was below 2.371
percent, its highest in about 12 weeks reached on Monday. 
    A week ago, the 10-year yield was 2.229 percent.
    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
 Oct. 2            5       51       44       -39
 Sept. 25          11      59       30       -19
 Sept. 18          16      61       23        -7
 Sept. 11          9       64       27       -18
 Sept. 5           7       66       27       -20
 Aug. 28           7       75       18       -11
 Aug. 21           7       70       23       -16
 Active clients                                
 Oct. 2            0       30       70       -70
 Sept. 25          20      50       30       -10
 Sept. 18          10      70       20       -10
 Sept. 11          0       90       10       -10
 Sept. 5           0       80       20       -20
 Aug. 28           0       90       10       -10
 Aug. 21           0       90       10       -10
 * NOTE: Positive value denotes net long, negative value denotes
net short

    

 (Reporting by Richard Leong; Editing by Chizu Nomiyama)
  

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