Oct. 12 (Bloomberg) -- Investors are betting that U.S. Treasuries will decline for the first time in three weeks, according to a JPMorgan Chase & Co. customer survey.
The percent of net “shorts” in the firm’s “all clients” survey rose to 2 percent for the week ending Oct. 11, compared with a net “long” position of 11 percent the prior week. About 85 percent of the clients surveyed remained neutral. A short position is a wager the price of a security will fall, while a long position is a bet it will rise.
Treasury yields have risen since reaching record lows on Sept. 23, two days after the Federal Reserve announced purchases of the securities as part of a plan known as Operation Twist. Yields on 10-year securities rose six basis points, or 0.06 percentage point, to 2.21 percent at 8:48 a.m. in New York, after falling to a record 1.6714 percent on Sept. 23.
JPMorgan doesn’t disclose the number of clients in the survey. Srini Ramaswamy, a JPMorgan strategist in New York, wasn’t immediately available to comment.
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