The bear and bull camps both expanded the past week as Treasury yields sit in a tight range. In the latest Treasury client survey from JPMorgan, investors who are long rose to 23% from 21% a week earlier while those who are short increased to 15% from 11%. A main support for Treasurys is QE3 hopes, but demand for safe assets have eased as the ECB steps up its fight against the euro zone's debt crisis. The competing forces are likely hold the 10-year yield, currently at 1.68%, from 1.55-1.75% near-term, traders say.
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