JPM Treasury Client Survey (w/e Feb 2nd): Active clients show the fewest net longs since January 5th, 2026

• Long: 20 (vs. 24).
• Neutral: 60 (vs. 57).
• Short: 20 (vs. 19).
• Net longs: 0 (vs. 5).

• Long: 44 (vs. 56).
• Neutral: 34 (vs. 33).
• Short: 22 (vs. 11).
• Net longs: 22 (vs. 45).

The JPM Treasury Client Survey indicates a notable decline in net longs among active clients, now at the lowest level since January 5th, 2026. This shift, alongside an increase in neutral and short positions, suggests a growing cautiousness in the market, potentially influencing sentiment around fixed income and equity strategies. The significant drop in net longs could have implications for bond yields and risk appetite going forward.