JPM Treasury Client Survey (w/e Jan 26th): Active clients survey shows most net longs since July 7th, 2025

• Long: 24 (vs. 24).
• Neutral: 57 (vs. 57).
• Short: 19 (prev. 19).
• Net longs: 5 (prev. 5).

• Long: 56 (prev. 44).
• Neutral: 33 (prev. 45).
• Short: 11 (prev. 11).
• Net longs: 45 (prev. 33).

The JPM Treasury Client Survey indicates a notable increase in net long positions among active clients, now at the highest level since July 2025. This shift suggests growing confidence in the Treasury market, potentially influencing bond yields and overall fixed income sentiment as traders position themselves for future rate changes. Such a move could reflect expectations around economic growth or upcoming policy adjustments.