JP Morgan closes the trade on the spread between German bonds and U.S. bonds
JP Morgan announced that it has closed its position of "long 10-year German government bonds/short 10-year U.S. government bonds." Strategists Francis Diamond and Elisabetta Ferrara stated in the report: "As we shift to a neutral view on the duration of German bonds, we are now taking profits on the spread trade between 10-year German and U.S. bonds." They noted that if German bond yields rise significantly, the bank is prepared to re-establish this trade. JP Morgan also reduced its bullish stance on short-term euro and pound interest rates in its trading portfolio
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