J.P. Morgan said that the trend of bonds has "completely decoupled" from other assets.

Jason Hunter, technical strategist at JPMorgan Chase, stated that this week the global government bond market has seen significant growth, breaking the long-standing correlation between this asset class and other cyclical sensitive assets, resulting in a "significant and increasing gap between bonds and other asset classes." According to Hunter in a report, with the near 3.5% yield on 5-year US government bonds, he is "observing whether this resistance level will lead to a bearish reversal, but based on the current price movements, there are no signs indicating that this reversal is imminent."