Bearish Treasuries Bets Grow as Traders Brace for Jobs Data (1)

Bets against US Treasuries are proliferating and raising the stakes around Friday’s employment report, which may cement views on how aggressively the Federal Reserve will cut interest rates at its September meeting.

The pessimistic mood was captured in the latest JPMorgan Treasury client survey, showing one of the largest weekly shifts to bearish positioning seen over the last five years taking place in the period to Sept. 2. With fiscal worries pushing 30-year yields to just shy of 5%, short wagers stand at their highest level since February.

Those bets — a departure from a previous view that leaned toward ...