The document provides trade recommendations and analysis of the US fixed income market. It suggests maintaining long 5Y breakevens due to supportive macro conditions and shifting short 2Y1Y eonia into a short 3y eonia. It also recommends exiting long 30Y BTP in favor of a cross-market steepener and maintaining the Bund ASW widener as a hedge against Greek tensions. In the US, despite disappointing GDP data, the document suggests a greater risk premium in US rates due to the weak USD and rising oil prices, recommending USD2s5s steepeners.
doj/DataSet10/EFTA01385956.pdf
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