Jefferies global economist Mohit Kumar says the firm maintains a bullish view on
5-year U.S. Treasures (expects yields to fall). Jefferies continues to see
fewer actual rate hikes from major central banks than markets currently price.
Consistent with consensus, Jefferies expects the Fed on Wednesday and the ECB on
Thursday will not raise rates. Kumar: "We still expect the Fed and ECB to each
hike once in December. By the March meetings our base case is that oil will have
begun to decline, removing the need for further rate hikes."
