摩根士丹利-全球宏观策略-诱人的弹性平均通胀目标-2021.2.27-133页

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摩根士丹利-全球宏观策略-诱人的弹性平均通胀目标-2021.2.27-133页

# 宏观 # 策略 # 通胀大小：7.80M | 页数：133 | 上架时间：2021-03-04 | 语言：英文

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类型: 宏观

上传者: ghq.sjz

撰写机构: 摩根士丹利

出版日期: 2021-02-27

摘要：

We maintain 5s30s curve steepeners (dv01 ratio 1:1) and 5s30s TIPS real yield curve steepeners (dv01 ratio 1:2), and add EDM2/EDM3 flatteners. We enter 15y German Bund swap spread tighteners, maintain long 30y Bunds vs. short US 30y Treasuries, long Ireland Oct 2031 vs. short France May 2031, and UKT 10s30s steepeners. We revise up JGB yield outlook and shift to a JGB 7s20s flattener from JGB 7s20s40s 50:50 fly. We maintain long 20y JGB ASW position. We pivot to 3s30s steepeners in Australia, look to close our NZ 1y1y OIS receiver on a dip, and remain bearish the NZ long end. BoC rate hike expectations look stretched.

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