JPMorgan's Treasury client survey showed that the share of bulls rose by 1 percentage point in the week to January 13 to its highest level since December 4, 2023. Neutral increased by 1 percentage point. Net longs reached their highest level since November 4 last year.
1. U.S. Treasury yields slide as recession fears spark expectations of a major interest rate cut by the Federal Reserve. 2. Japanese government bond yields fall to multi-month lows. 3. The yield on the 2-year U.S. Treasury bond fell by 50BP in a matter of days as the market bet heavily that the Federal Reserve will start rescue mode. 4. Global stock market losses intensify as investors turn to bond markets for safety. 5. Societe Generale: The sharp rise in bonds reflects concerns about an econom...
Treasury ETFs rose sharply as Treasury yields fell sharply.
Institutional Analyst: Treasury yields had already started to fall before Powell's testimony was released, falling to new intraday lows at the time of the testimony, but then quickly rebounded. The dollar rallied and risk assets rose. Powell's remarks were an attempt to send a message that risk is balanced. In his prepared remarks, nothing seemed to change market expectations for two rate cuts this year.