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

Global Macro Research August 11th, 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-ljRpIM0CyzixwoI9MxXRybD2xIAGCd2PFhxdwMQ}]} Overall summary US Rates Hold 5s20s steepeners as low-beta way to position for lower front-end yields. We anticipate Treasury will begin a mu ...