全球宏观展望与策略_全球利率、大宗商品、货币及新兴市场-Global Macro Outlook and Strategy_ Global Rates, Commodities, Currencies and Emerging Markets

Global Macro Research July 28th, 2025 Global Macro Outlook and Strategy Global Rates, Commodities, Currencies and Emerging Markets Luis Oganes AC (44-20) 7742-1420 luis.oganes@jpmorgan.com J.P. Morgan Securities plc See the end pages of this presentation for analyst certification and important disclosures. {[{xTcfaSlj-ZSQMv-ljRpIMxvnV4Hvzpq0m2y4UWxbhza8RsCuHxXXMw}]} Overall summary US Rates We hold tactical 5s20s steepeners ahead of refunding. We think Treasury will increase coupon auction size increases in ...