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US TSYS: J.P.Morgan Recommend 3s30s Steepeners

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America

Late on Friday J.P.Morgan suggested that “the current backdrop supports further steepening.”

  • They reasoned that “labor markets have continued to soften. Given that policy rates are very restrictive under most measures, the Fed can move in an expeditious fashion to bring policy back toward a more neutral stance.”
  • As a result, they recommended “initiating 3s/30s steepeners to position for broad steepening”…“taking profits on the 5s/30s steepeners we established late last year that have since rolled down the curve, as well as the 3s/5s steepeners we recently added.”
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Late on Friday J.P.Morgan suggested that “the current backdrop supports further steepening.”

  • They reasoned that “labor markets have continued to soften. Given that policy rates are very restrictive under most measures, the Fed can move in an expeditious fashion to bring policy back toward a more neutral stance.”
  • As a result, they recommended “initiating 3s/30s steepeners to position for broad steepening”…“taking profits on the 5s/30s steepeners we established late last year that have since rolled down the curve, as well as the 3s/5s steepeners we recently added.”