Bets on a decline in US Treasuries increase as traders await key employment data.

Bets on a fall in US Treasury bonds are increasing, and Friday's jobs report is becoming more important, as the report may solidify people's expectations of how aggressively the Fed will cut interest rates at the September meeting. The latest client survey from JPMorgan on US Treasury bonds reflects this pessimistic sentiment, with the survey showing one of the largest weekly shifts in bearish positions in the past five years in the week ending September 2nd. Due to concerns about fiscal issues, the yield on 30-year US Treasury bonds has risen to nearly 5%, and short positions are at their highest level since February.