The gulf between bulls and bears has never widened so quickly in the $12 trillion market for U.S. government bonds.

The proportion of investors betting on gains or losses in Treasuries, rather than holding a neutral view, almost doubled this year to 51 percent, a client survey by JPMorgan Chase & Co. showed. The 23 percentage-point jump is the most for the period since the top-ranked firm for U.S. fixed-income research by Institutional Investor magazine began its weekly survey in 2003.

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