Broker Research: Sector, Macro and Strategy Notes

J.P. Morgan·2026-11-06Rates

US front-end Treasuries·NeutralFront-end valuation (1y1y OIS): Looks expensive versus fair-value model2026-11-05Nonfarm payrolls: Beat consensus of 70kOct 2026Unemployment rate: Fell back versus 4.2% consensusOct 2026Treasury coupon auction sizes: Unchanged until increases concentrated in 2s through 10sThrough Aug 2027

BofA Securities·2026-11-04Rates

Treasury coupon auction size increases: Timing pushed back from Aug 2027Nov 2027Bill supply: Revised down from $270bnNov 2026Bill supply: Revised up from $228bn on a higher TGA path1Q27Bill share of marketable debt: Treasury likely comfortable near this levelFY27

Citi·2026-10-30Rates

US duration·Neutral

BofA Securities·2026-10-30Rates

2y UST·UnderweightUK 10y gilt yield: forecastYE26US nonfarm payrolls: forecastOct-26

Morgan Stanley·2026-10-30Rates

US Treasury yields: downNov-2026

Nomura·2026-10-29Rates

HK front-end rates (receive Mar27-1y IRS)·OverweightHK Mar27-1y IRS: target 3.80% by end-November (current 4.07%)2026-11

J.P. Morgan·2026-10-23Rates

UST 10s/30s curve·Overweight

Goldman Sachs·2026-10-23Rates

Euro area 2s5s·OverweightUK swap spreads·Overweight

BofA Securities·2026-10-23Rates

US 2y Treasuries·UnderweightFrance OATs vs Bunds·UnderweightBoJ policy rate: hold at 1.25%2026-10

Nomura·2026-10-23Rates

HK Mar-1y IRS: target 3.80% by end-November2026-11

Nomura·2026-10-20Rates

China 5y CGB·OverweightChina monthly net CGB+LGB supply: RMB1.2trn4Q26

UBS·2026-10-15Rates

UK GDP growth: 1.5% for 20262026

Nomura·2026-10-13Rates

BofA Securities·2026-10-09Rates

BoJ policy rate: additional 25bp hike in Dec2026-12

Deutsche Bank·2026-10-06Rates

30Y USD vs JPY·UnderweightEUR 10s30s steepeners·Overweight

Goldman Sachs·2026-10-02Rates

Germany 10y Bund yield: forecastend-2026

BofA Securities·2026-10-02Rates

Deutsche Bank·2026-10-02Rates

J.P. Morgan·2026-10-02Rates

Nomura·2026-09-30Rates

Research: Broker notes on sectors, macro, rates and strategy

Treasuries: Their shares crash, hopes are dashed...people forget

US Rates Watch: Nov refunding recap: steady sizes

US Rates Weekly: The Disappearing Hawks Trick

Global Rates Weekly Fright to quality

It's The Rates Market...

Strategy Trade: Hong Kong rates: Maintain strong conviction level in lower front-end rates

Treasuries: AI, OATs, and oil, oh my

GLOBAL RATES TRADER AI Volatility Disrupts Energy Risks

Global Rates Weekly: OAT la la

Strategy Trade: Hong Kong rates: Maintain max conviction in front-end receive

Asia Insights: China rates: Liquidity to stay looser for longer

Global Rates Strategy: Lower gilts yields and flatter curves from Autumn Budget

Asia Insights Asia rates: High-conviction views to receive Korea and Hong Kong

Global Rates Weekly: License to steepen

Rates outlook: Moving along the five stages of grief

GLOBAL RATES TRADER Reaching Limits

Global Rates Weekly Start of rates bite

Japan Rates Strategy October 10 year and 30 year JGB auction preview

Treasuries Try to catch the deluge in a paper cup

Asia Insights: China rates: Q4 outlook