A JPMorgan survey of its US Treasury clients showed that during the week ending February 23, the proportion of clients holding short positions decreased by 4 percentage points, while those holding long positions fell by 2 percentage points. The neutral stance increased by 6 percentage points. According to the survey results for all clients, the share of short positions was the lowest since December 15 of last year, while the neutral stance reached its highest level since December 2024.

All clients (February 23 compared to February 17): Long positions: 20 vs 22; Neutral stance: 69 vs 63; Short positions: 11 vs 15; Net long positions: 9 vs 7.

Active clients: Long positions: 33 vs 44; Neutral stance: 56 vs 45; Short positions: 11 vs 11; Net long positions: 22 vs 33.