摩根大通：全球宏观展望与策略_全球利率、大宗商品、货币与新兴市场

Global Macro Research June 23, 2025 Global Macro Outlook and Strategy US Rates We continue to find value at the front end but look for higher yields to add duration as money markets are pricing in earlier and more aggressive Fed easing than our own forecast, and carry remains unattractive. Add tactical 10s/30s flatteners to position given curves look steep to fair value. We think Treasury will increase coupon auction size increases in February 2026, but Treasury may choose to forgo increases to longer-end a ...