MNI China Daily Summary: Friday, January 10

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US TSYS: JPM Recommend Longs 2s

US TSYS
USBulletMarketsFixed Income BulletsNorth America

Late on Friday J.P.Morgan recommended adding longs in 2s.

  • They reasoned that “despite the hawkish Fed outcome, it’s clear the reaction function skews dovishly, as the two choices in front of the central bank are either to continue to lower rates, albeit at a slower pace, or hold”
  • “Accordingly, we think markets will continue to price in easing, and this should act as an anchor for the front end. Against this backdrop, valuations appear attractive: front-end yields have retraced to their highest levels since midyear and are pricing in a minimal amount of easing over the next 1- to 2 years”
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Late on Friday J.P.Morgan recommended adding longs in 2s.

  • They reasoned that “despite the hawkish Fed outcome, it’s clear the reaction function skews dovishly, as the two choices in front of the central bank are either to continue to lower rates, albeit at a slower pace, or hold”
  • “Accordingly, we think markets will continue to price in easing, and this should act as an anchor for the front end. Against this backdrop, valuations appear attractive: front-end yields have retraced to their highest levels since midyear and are pricing in a minimal amount of easing over the next 1- to 2 years”