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

Importance
Level 1

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
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