Salient to Investors:
Douglas Swanson at JPMorgan Chase sees nothing in the short term to cure Europe.
Hedge-funds and large speculators increased net-short position in 10-year T-note futures in the week ending June 12. Speculative short positions outnumbered long positions by 95,385 contracts on the CBT.
The Fed’s term premium shows U.S. government bonds at almost the most expensive levels ever, indicating investors are willing to accept yields below what’s considered fair value.