TREE NEWS reports: A JPMorgan survey of US Treasury market investors shows clients rushed into short positions at the fastest pace since 2019 in the week to September 14. The share of clients holding shorts rose 10 percentage points to 19%, the largest weekly increase on record, while neutral positions fell to 48% from 56% and longs slipped to 33% from 35%. The shift followed August CPI data on September 11 showing core prices up 0.3% month-on-month, above expectations, strengthening the case for a Federal Reserve rate hike on September 16.
JPMorgan Survey: Treasury Clients Pile Into Shorts at Fastest Pace Since 2019
AI take
The speed of the repositioning matters more than the outright short share, which remains modest. It signals that sticky core inflation, not growth concerns, is driving Treasury sentiment into a Fed meeting the survey respondents already expected to deliver a hike. The open question is whether this becomes a durable bearish consensus or a crowded trade that unwinds quickly if the Fed's tone or subsequent data surprise.
Generated by AI for reference only.
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