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J.P.Morgan note that "10-year yields are now trading 33bp below their model-implied fair value. We would need to revise our growth forecast lower by 5%-pts for the next year to justify the current level of yields (all else equal), implying the economy contracts on a real basis over the next 4 quarters. This seems extreme, but we recognise also there is no catalyst to change this narrative over the near term, and it will take more than a single strong employment report, together with cleaner investor positions, for yields to retrace higher."