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US TSYS: J.P.Morgan Recommend 20s/30s Flatteners

US TSYS
USBulletMarketsFixed Income BulletsNorth America

J.P.Morgan note that “yields are unchanged to lower in ’25 and in the middle of the ranges they have held since the November election.”

  • They go on to suggest that “given the good news on term premium, the coming weeks could open the debate on the asymmetric nature of the Fed’s reaction function. Thus, we look for cheap ways to position for higher yields within the current ranges.”
  • They think “the 20-year sector looks rich along the curve”, recommending 20s/30s flatteners as a “low-beta bearish trade within the current range, with a relative value overlay.”
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J.P.Morgan note that “yields are unchanged to lower in ’25 and in the middle of the ranges they have held since the November election.”

  • They go on to suggest that “given the good news on term premium, the coming weeks could open the debate on the asymmetric nature of the Fed’s reaction function. Thus, we look for cheap ways to position for higher yields within the current ranges.”
  • They think “the 20-year sector looks rich along the curve”, recommending 20s/30s flatteners as a “low-beta bearish trade within the current range, with a relative value overlay.”