JPMorgan Econ FI-US Fixed Income Overview Third time is not a charm-107557160

JPMorgan Econ  FI-US Fixed Income Overview Third time is not a charm-107557160_第1页
JPMorgan Econ  FI-US Fixed Income Overview Third time is not a charm-107557160_第2页
JPMorgan Econ  FI-US Fixed Income Overview Third time is not a charm-107557160_第3页
PhoebeWhiteAC(1-212)834-3092HollyCunningham(1-212)834-5683NorthAmericaFixedIncomeJPMORGANphoebe.a.white@jpmorgan.comholly.cunningham@jpmorgan.comStrategyJ.P.MorganSecuritiesLLCJ.P.MorganSecuritiesLLC12April2024LiamLWash(1-212)834-5230liam.wash@jpmchase.comJ.P.MorganSecuritiesLLCUSFixedIncomeOverviewThirdtimeisnotacharm•TreasuryyieldsrosesharplyandriskassetsweakenedfollowingathirdconsecutiveupsidesurpriseinCPIinflation.Thoughtherecentstrengthinthedatahasdampenedourconfidence,westillthinkthatinflationissettomoderateovertimeandcontinuetoseetheFedfirsteasinginJuly,with3cutsthisyear•Economics:MarchcoreCPIrose0.4%(3.8%oya)withstrengthconcentratedincoreservicesextenant’srentandOER.WearetrackingcorePCErose0.27%lastmonth(2.7%oya).Webelieveheadlineretailsalesincreased0.3%inMarch,withthecontrolgroupup0.5%•Treasuries:EvenwithmarketspricinginlesseasingthanourmodalviewandTreasur-ieslookingcheaprelativetotheirdrivers,wearehesitanttoaddduration,asitwilltakemultiplesofterinflationandlabormarketreportsformarketstopriceinamoredovishpathandascarryremainsnegative.Monetarypolicyappearslessrestrictivethanwepreviouslythought,andtheshiftingofTreasurydemandtoprice-sensitivebuyersmayrequireahighertermpremiumandhencesteepercurves:hold5s/30ssteepeners.Holdlongsin5YTIPS.Shiftlong-endbreakevencurvesteepenerexposureto10Yx20Ybreakevenwid...

1、当您付费下载文档后,您只拥有了使用权限,并不意味着购买了版权,文档只能用于自身使用,不得用于其他商业用途(如 [转卖]进行直接盈利或[编辑后售卖]进行间接盈利)。
2、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。
3、如文档内容存在违规,或者侵犯商业秘密、侵犯著作权等,请点击“违规举报”。

碎片内容

发表评论取消回复

参与评论可获取积分奖励  
悟空文库+ 关注
实名认证
内容提供者

悟空文库-海量文档资源下载,专业/极致/认真

确认删除?
回到顶部