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Long-term Treasuries are a bad buy, and that view holds even if stocks drop. That was JPMorgan CEO Jamie Dimon's warning this week, covering both bonds and equities.
The bond call landed in a market that had already moved: many investors had positioned against long-duration Treasuries earlier this year, which makes Dimon's dual warning something the market has half-absorbed and half-ignored.
The call that arrived after the trade Dimon's Treasury warning was specific.
He does not see long-term government bonds as a good buy even in a scenario where equities sell off, a direct challenge to the logic that bonds offer portfolio cover when stocks fall.
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