---
title: "Invesco and Kameniak short U.S. Treasuries, pessimistic about the Federal Reserve's rate cut space"
description: "Invesco and Carmignac's portfolio managers are shorting U.S. Treasuries, believing that the resilience of the U.S. economy may lead to a failure to cut interest rates. The stronger-than-expected job g"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276389838.md"
published_at: "2026-02-19T22:47:38.000Z"
---

# Invesco and Kameniak short U.S. Treasuries, pessimistic about the Federal Reserve's rate cut space

> Invesco and Carmignac's portfolio managers are shorting U.S. Treasuries, believing that the resilience of the U.S. economy may lead to a failure to cut interest rates. The stronger-than-expected job growth in January, corporate investment in artificial intelligence, and the Federal Reserve's cautious stance on rate cuts indicate that the economy is too strong for significant easing. Although some investors still expect rate cuts, institutions like BNP Paribas have expressed skepticism, warning that if rate cuts do not occur as expected, U.S. Treasury prices will plummet

Invesco Ltd. and Carmignac's portfolio managers are betting against U.S. Treasuries, arguing that the resilience of the U.S. economy may lead to a failure to cut interest rates. The managers pointed out that the U.S. job growth in January exceeded expectations, companies are heavily investing in artificial intelligence (AI), and Federal Reserve policymakers are cautious about rate cuts, all indicating that the economy is too strong for the Fed to implement significant easing. While some investors still expect rate cuts, other institutions, including BNP Paribas, are skeptical and warn that if rate cuts do not materialize as expected, U.S. Treasury prices will face a sharp decline

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.