The margin of investors who said they had fewer longer-dated Treasuries than their benchmarks over those who held more than their benchmarks fell to an 11-week low, JPMorgan Chase & Co's latest client survey showed on Wednesday. Investors had ramped up holdings of longer-dated government debt at year-end following the most dramatic overhaul of the U.S. tax code in 30 years and on expectations that inflation would remain muted and the Federal Reserve would raise short-term interest rates further in 2018. On Tuesday, they scaled back long bond positions partly in reaction to hawkish comments from two European Central Bank officials. Benoit Coeure and Ewald Nowotny in separate published interviews on Monday suggested the ECB may not extend its 2.55 trillion euro bond purchase program which expires in September if the euro zone economy shows more strength. The share of investors who said on Monday they were "short" longer-dated Treasuries fell to 40 percent from 45 percent on Dec. 18. JPMorgan skipped publishing its survey last week over the Christmas holiday. The share of investors who said they were "long" rose to 15 percent from 11 percent on Dec. 18. The net shorts decreased to 25 percent from 34 percent two weeks earlier. Among active clients including market makers and hedge funds, net shorts in longer-dated Treasuries fell to 50 percent from 60 percent two weeks ago. At 12:31 p.m. (1725 GMT), the 10-year Treasury yield was 2.442 percent, down 2 basis points from late on Tuesday but up from 2.392 percent two weeks earlier. JPMorgan surveyed clients including bond fund managers, central banks and sovereign wealth funds, as well as market makers and hedge funds. The chart below displays the latest survey results of JPMorgan's Treasury clients: All clients Long Neutral Shorts Net Position Jan. 2, 2018 15 45 40 -25 Dec. 18, 2017 11 44 45 -34 Dec. 11, 2017 9 44 47 -38 Active clients Jan. 2, 2018 20 10 70 -50 Dec. 18, 2017 10 20 70 -60 Dec. 11, 2017 10 20 70 -60 * NOTE: Positive value denotes net long, negative value denotes net short (Reporting by Richard Leong; Editing by Meredith Mazzilli)

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