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J.P.Morgan Remain Neutral On Duration For Now


J.P.Morgan note that ahead of the “CPI release, our Treasury client survey showed the most net shorts since September 6th, and short covering may have contributed to the initial market reaction this morning, while the subsequent bounceback in yields might indicate that positioning is now cleaner.”

  • “Additionally, the 30-Year auction measures could indicate that it will be more difficult for yields to decline from current levels, absent a further catalyst, especially as valuations appear rich after controlling for their fundamental drivers. Moreover, there is significant event risk ahead of the FOMC meeting, and thus we remain neutral on duration for now.”
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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