JPMorgan: Remains bearish on US Treasury duration, but the bearish bias has weakened somewhat

JPMorgan strategists said in a report that, given the upcoming U.S. nonfarm payrolls report and technical factors related to long positioning, JPMorgan maintains a bearish view on U.S. Treasury duration, though the bearish bias is no longer as strong as it was in recent weeks. The strategists noted that both the short end and the belly of the U.S. Treasury yield curve have now realigned with fundamental drivers, which provides some support for recent yield movements.