Fed chair Kevin Warsh said AI implies substantial long-term productivity gains.

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JP Morgan strategists recommend closing 10s-30s US Treasury flattener ahead of US CPI and Fed chair Kevin Warsh's first congressional testimony to avoid event risk. They say geopolitical tensions and hawkish Fed comments have pushed short-end yields up about 6bps and flattened the curve about 3bps. Fed governor Waller warned that if upcoming CPI shows core inflation pressure remains strong, the Fed will need to consider tightening policy in the near term.