April 9, 2019 / 1:41 PM / 5 months ago

Investors pare bearish bets on Treasuries - survey

NEW YORK, April 9 (Reuters) - Bond investors scaled back their bearish positions on longer-dated U.S. government debt as a mixed March payrolls report released last week did not quell jitters about a slowing U.S. economy, J.P. Morgan survey showed on Tuesday.

The margin of investors who said they were “short,” or hold fewer Treasuries than their portfolio benchmarks, over those who said they were “long,” or hold more Treasuries than their benchmarks, was 2 percentage points, down from 11 percentage points a week earlier, according to the survey.

Last week’s reading was the highest level of net shorts since Jan. 7.

Benchmark 10-year Treasury yields in early U.S. trading on Tuesday were 2.490%, down nearly 3 basis points. They reached a near two-week high at 2.544% on Friday.

On Friday, the Labor Department said U.S. average hourly earnings grew only 0.1% in March versus a 0.4% jump the month before, while employers hired 196,000 workers, more than a revised 33,000 in February, which was a 17-month low.

Reporting by Richard Leong; editing by Jonathan Oatis

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