VIEW: Late Friday saw J.P.Morgan note.......>

US TSYS: VIEW: Late Friday saw J.P.Morgan note that "though we have downgraded

our economic outlook into 2021, front-end breakevens remain priced for a very

slow rebound in inflation and have underperformed versus nominal Treasuries,

oil, and credit in recent weeks. While we think clarity from the Fed on the

ongoing pace of asset purchases and calendar-based forward guidance would have

limited impacts on TIPS markets, guidance tied to an inflation target (e.g,

Evans rule) could push real yields lower, especially in the 5- to 10-year sector

of the curve. Escalating US-China trade tensions have increased risks of tariff

hikes and contributed to the outperformance of TIPS in the 2- to 3-year part of

the curve, and Apr-22s now appear substantially rich relative to Apr-24s. We

recommend initiating Apr-22s/Apr-24s real yield curve flatteners."