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Free AccessLBBW's Karl Haeling said "a growing.........>
US TSYS: LBBW's Karl Haeling said "a growing number of market observers see the
prospective US tax changes as bearish for Treasuries, including long-dated
maturities which have been moving sideways in recent years. Yet, 10- and 30-year
maturities simply have not sustained any significant sell-off and actually
rallied strongly on Wednesday, with shorter maturities outperforming."
- He adds that "bears argue that bond prices will simply start falling suddenly
and sharply in the not-to-distant future. But there are reasons why this may not
occur at all, and over the remainder of the year, technical considerations could
actually drive the whole Treasury market higher and the yield curve steeper."
- He said that "immediately ahead, traders and investors face pressure to square
positions ahead of year-end. Many investors/traders are underweight their
duration targets and/or are outright Eurodollar futures and 2- and 5-year notes.
There are also a lot of yield curve flattening positions on."
- "So now, with the latest Fed rate hike and U.S. tax prospects unable to
generate a more bearish environment, the pressure to unwind outright short and
yield curve flattening positions will simply increase," Haeling said.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.