JPM Treasury Client Survey (w/e Jan 20th): Longs rose 2ppt to most since December 15th

• Long: 24 (vs. 22).
• Neutral: 57 (vs. 59).
• Short: 19 (vs. 19).
• Net longs: 5 (vs. 3).

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

The JPM Treasury Client Survey indicates an increase in long positions among all clients, rising to the highest level since mid-December. This uptick in net longs suggests a growing optimism in the fixed income space, which could signal a shift in sentiment that may influence yields and interest rate expectations going forward. Strength in longs may also reflect broader market positioning ahead of potential policy changes.