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UPDATE 1-Share of investors neutral on U.S. longer-dated bonds at 5-yr high -JPMorgan
August 29, 2017 / 2:30 PM / 25 days ago

UPDATE 1-Share of investors neutral on U.S. longer-dated bonds at 5-yr high -JPMorgan

 (Adds background, table)
    NEW YORK, Aug 29 (Reuters) - Investors ratcheted up their
caution on owning longer-dated U.S. Treasury debt, bringing the
share of investors with a neutral stance to the highest in five
years, JPMorgan Chase & Co's latest client survey showed on
Tuesday.
    The share of investors who said they were holding
longer-dated Treasuries equal to their benchmarks rose to 75
percent, the most since Aug. 27, 2012 and higher than 70 percent
a week ago, JPMorgan said.
    U.S. benchmark Treasury yields fell to their lowest since
November on Tuesday on safe-haven demand following North Korea
firing a ballistic missile over northern Japan.

    U.S. bond yields have slipped in recent days on doubts about
the prospects of a U.S. tax overhaul and plans for fiscal
stimulus from Washington. 
    At 10:10 a.m. (1410 GMT), the 10-year Treasury note was
yielding 2.115 percent, lower than the 2.215 percent a week
earlier. Earlier on Tuesday it hit 2.086 percent, the lowest
since Nov. 10,  Reuters data showed. 
    JPMorgan surveyed clients 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
 Aug. 28           7       75       18       -11
 Aug. 21           7       70       23       -16
 Aug. 14           11      59       30       -19
 Aug. 7            18      57       25        -7
 July 31           18      59       23        -5
 July 24           18      57       25        -7
 July 17           14      66       20        -6
 Active clients                                
 Aug. 28           0       90       10       -10
 Aug. 21           0       90       10       -10
 Aug. 14           10      70       20       -10
 Aug. 7            20      60       20        0
 July 31           20      60       20        0
 July 24           20      60       20        0
 July 17           20      70       10        10
 * NOTE: Positive value denotes net long, negative value denotes
net short

    

 (Reporting by Richard Leong; Editing by Chizu Nomiyama and
Meredith Mazzilli)
  

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