JPMorgan’s weekly client survey, released Monday, indicates a small increase in bullish positioning among investors in Treasury notes. The net percentage of all surveyed clients holding long positions rose to 20% this week from 18% in the prior week.
Breaking down expectations across the full client sample, 31% of respondents foresee Treasury note prices moving higher, 58% expect prices to remain unchanged, and 11% anticipate prices will fall. The survey’s index was recorded at 0.78 for the week of June 8, a touch below the 0.79 value reported in the prior week.
Positioning among active clients diverged from the broader pool. Within that cohort, 44% anticipate price gains, 23% expect stability, and 33% predict price declines. The net long position for active clients stood at 11% this week, down from 22% in the week before.
JPMorgan also reported four-week averages to provide additional context on positioning. Across all clients, the four-week average net long position is 17%. Active clients show a higher four-week average net long position of 20%.
The report details its calculations for transparency: the survey index is computed as shorts plus neutrals divided by longs plus neutrals. The net figure cited in the results represents the percentage-point difference between the share of investors expecting Treasury note prices to increase and the share expecting them to decrease.
The data present a mixed picture. On aggregate, a slightly larger portion of the survey population has increased long exposure week-over-week, but active traders have cut their net long stance by half relative to the prior week. The figures for expectations and the index provide a snapshot of client sentiment for the week of June 8.