JPM Treasury Client Survey (w/e Jan. 5th): All-client survey shows the fewest net and outright longs since October 2024

• Long: 19 (vs. 30).
• Neutral: 66 (vs. 61).
• Short: 15 (vs. 9).
• Net longs: 4 (vs. 21).

• Long: 33 (vs. 44).
• Neutral: 45 (vs. 56).
• Short: 22 (vs. 0).
• Net longs: 11 (vs. 44).

The JPMorgan Treasury Client Survey indicates a significant decline in long positions among clients, reflecting the fewest net and outright longs since October 2024. This shift towards increased neutrality and short positions could signal a bearish sentiment in the fixed income market, potentially impacting Treasury yields and market dynamics. Traders should consider how this shift might influence future rate expectations and overall risk sentiment in financial markets.