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Breakeven Valuations Not Compelling Enough For J.P.Morgan

US TSYS/TIPS

J.P.Morgan note that “though breakevens appear somewhat cheap versus broad commodity prices and credit spreads, and the fixings market is modestly underpriced versus our own inflation forecast, valuations are not compelling enough for us to move off the sidelines, given substantial downside risks. Thus, we stay neutral at current levels.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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