Tier 1 Sell-Side Names Recommend Longs In 5s

Late on Friday we saw 2 tier 1 sell-side names recommend longs in 5-Year U.S. Tsys:

• J.P.Morgan wrote “with yields back at their highest levels since early-December, TIPS breakevens somewhat rich in our framework, and positioning more neutral, we are turning more constructive, and recommend adding duration in 5-year Treasuries.” That came with yields printing at ~4.07%.
• Morgan Stanley wrote “given our view that the market is missing a lot of inflation progress, not pricing the risk of a hard landing, and not pricing the risk of an inflation level that's too low, we see scope for duration to rally from here. We recommend going long duration via long 5y notes. The key risk to the trade is a continuation of the market's current inflation outlook.” That came with yields printing at ~4.08%