NEW YORK, July 17 (Reuters) - U.S. Treasury investors were the most neutral they have been in 10 months over the latest week, ahead of Federal Reserve Chairman Jerome Powell’s semiannual testimony on the economy before Congress, a J.P. Morgan survey showed on Tuesday.
The share of investors who said on Monday they were neutral, or holding longer-dated Treasuries equal to their portfolio benchmarks, increased to 60 percent from 53 percent in the previous week, according to the bank’s latest Treasury client survey.
This was the highest reading since Sept. 18, 2017, J.P. Morgan said.
Powell will appear in front of the Senate Banking Committee at 10 a.m. (1400 GMT). He will complete his semiannual testimony before the House Financial Services Committee at 10 a.m. (1400 GMT) on Wednesday.
Early on Tuesday, the yield on benchmark 10-year Treasury notes was 2.853 percent, marginally lower than Monday.
The share of investors who said they were long, or holding more longer-dated Treasuries than their benchmarks, fell to 17 percent from 19 percent the week before.
Those who said they were short, or holding fewer longer-dated bonds, decreased by 5 percentage points to 23 percent, the J.P. Morgan survey showed (Reporting by Richard Leong; Editing by Bernadette Baum)