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J.P.Morgan Remain Neutral On TIPS Despite Cheapness On Model

US TSYS/TIPS

In the wake of Thursday's CPI print J.P.Morgan note that "breakevens outperformed versus the carry implications of the print and the beta-adjusted move in yields. Across the curve, 5-, 10-, and 30-year breakevens widened 5bp, 3bp, and 2bp, respectively, only partially retracing the underperformance of recent sessions. At current levels, the forward curve is priced for very little overshoot of the Fed's 2% PCE target beyond this year, and breakevens remain cheap versus our fair value model. Nonetheless, we remain neutral on TIPS over the near term ahead of next week's FOMC meeting."

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

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