MI2 Chart Point: ISM Through Key Levels

Last week, we highlighted how numerous factors were finally moving in favour of buying US fixed income (“Are Bond Dynamics Finally Changing?” 26th Oct). Indeed, our only reservation remained our concerns related to 30-year JGBs and the impact of higher inflation on European long ends. The good news is that judging from the price action, our worst-case scenario has been averted. That brings us back to US dynamics and, in particular, ISM.

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