JPM Treasury Client Survey (W/E Jan 12th): Survey shows fewest net longs since October 2024 and most outright shorts since October 6th 2026

Newsquawk Staff · 13 Jan 2026, 12:45 UTC

All clients (Jan. 12 vs. Jan. 5)

Long: 22 vs. 19
Neutral: 59 vs. 66
Short: 19 vs. 15
Net longs: 3 vs. 4

Active clients

Long: 44 vs. 33
Neutral: 45 vs. 45
Short: 11 vs. 22
Net longs: 33 vs. 11

What it means

The latest JPMorgan Treasury Client Survey indicates a significant shift in sentiment, with the fewest net longs since October 2024 and the most outright shorts recorded since October 2026. This suggests a bearish outlook among clients, which may imply cautiousness in the fixed income space that could influence Treasury yields and related market dynamics, especially if sentiment shifts further ahead of key economic data releases.

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US Market Open, 6 Nov, 10:48 UTC · what it led with

APAC stocks were pressured; KOSPI slumped 6% following hefty losses in Samsung and SK Hynix.
USD is firmer against all G10 peers awaiting the US NFP report.

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All clients (Jan. 12 vs. Jan. 5)

Active clients

What it means

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