Aug. 28 (Bloomberg) -- Investors in Treasuries increased bets that the prices of the securities will rise, making the survey the most bullish since October, according to a survey by JPMorgan Chase & Co.
The proportion of net longs increased to 17 percentage points in the week ending yesterday, equaling net longs on Oct. 31, according to JPMorgan. The figure is up from 10 percentage points in the previous week.
The percent of outright longs rose to 21 percent, the most since July 23, up from 19 percent the previous week, the survey said.
The percent of outright shorts, or bets the securities will fall in value, dropped to 4 percent from 9 percent, pushing it to the lowest level since September, the survey reported.
Investors raised neutral bets to 75 percent, from 72 percent, the survey reported.
The yield on the benchmark U.S. 10-year note dropped two basis points, or 0.02 percentage point, to 1.64 percent at 9:54 a.m. in New York. The yield dropped 12 basis points last week. It touched a record low of 1.379 percent on July 25 and reached a 2012 high of 2.4 percent on March 20.
JPMorgan doesn’t disclose the number of clients in the survey. Srini Ramaswamy, a JPMorgan strategist in New York, wasn’t immediately available to comment.
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