Investors in Treasuries cut bullish bets this week after increasing them to the most in almost four months the week after President Barack Obama won re-election, according to a survey by JPMorgan Chase & Co.
The proportion of net longs was at two percentage points in the week ending yesterday, according to JPMorgan, down from 11 percentage points the week ending Nov. 13.
Investors raised neutral bets to 68 percent from 59 percent, the survey reported. It touched 70 in the week ending Nov. 5, the highest level since August, as Obama and former Republican challenger Mitt Romney courted voters.
The percent of outright longs dropped to 17 percent, from 26 percent the previous week, the survey said. The percent of outright shorts, or bets the securities will fall in value, remained at 15 percent, according to the survey.
The yield on the benchmark U.S. 10-year note rose one basis point, or 0.01 percentage point, to 1.62 percent at 7:51 a.m. in New York. It touched a record low of 1.379 percent on July 25 and reached a 2012 high of 2.4 percent on March 20.
JPMorgan doesn’t disclose the number of clients in the survey. Srini Ramaswamy, a JPMorgan strategist in New York, wasn’t available to comment.
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