J.P. Morgan's U.S. Treasury client survey shows that the net long position has dropped to the lowest since October 2024.

According to JPMorgan Chase's US Treasury client survey up to January 12th, the percentage of short positions increased by 4 percentage points, the percentage of long positions increased by 3 percentage points, and the neutral percentage decreased by 7 percentage points. The survey shows that the net long position has fallen to its lowest level since October 2024, with short positions at their highest since October 6th of last year.