Bloomberg News

U.S. Treasury Investor Optimism Falls This Week

March 27, 2012

U.S. Treasury note investors were less optimistic this week, according to a JPMorgan weekly poll of clients.

The net percentage of investors holding Treasury notes decreased to 4 percent this week from 10 percent the previous week. The net figure is the difference between the percentage of investors long on Treasury notes (expecting prices to increase), and the percentage short Treasury notes (expecting prices to decrease.)

=============================================================================
           March 26  March 19  March 12  March 5  Feb. 27  Feb. 21   4-week
               2012      2012      2012     2012     2012     2012     Avg.
=============================================================================
Index          0.95      0.88      1.03     0.86     0.85     0.98     0.93
               -All Clients Who Expect Treasury Prices to:
Increase        19%       25%       21%      25%      26%      17%      23%
Not Change      66%       60%       57%      62%      60%      68%      61%
Decrease        15%       15%       23%      13%      13%      15%      17%
Net Long         4%       10%       -2%      12%      13%       2%       6%
Changes         17%       21%       15%      11%      21%      21%      16%
=============================================================================
NOTE: Survey index equals shorts plus neutrals divided by longs plus neutrals.
In the week ending Oct. 24, JP Morgan changed the list of clients surveyed 
and the historical data was recalibrated.

SOURCE: JPMorgan

To contact the reporter on this story: Chris Middleton in Washington at cmiddleton2@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net


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