0517 GMT - The U.S. Treasury's decision last week to increase buybacks of long-end securities, alongside other recent Treasury actions, is a signal that the U.S. Treasury is uncomfortable with current yield levels, J.P. Morgan analysts say in a note. "Absent genuine fiscal consolidation, however, we doubt such measures can deliver a durable decline in yields and could actually lift term premium if U.S. Treasury issuance becomes more opportunistic and less predictable," they say. With risks of a further U.S. selloff, thin summer liquidity and persistently high energy prices, J.P. Morgan analysts prefer to remain cautious on European duration. They close longs in 10-year Bunds but keep the cross-market longs versus U.S. Treasurys and remain neutral on U.K. gilts.