JP Morgan (Aug. 21) said the US 30-year Treasury jumped after a surprise US Treasury buyback but later ceded gains. Traders remain skeptical that buybacks address underlying fiscal and long-term Treasury supply–demand imbalances, a dynamic JP Morgan says strengthens the 'currency debasement' trade and supports demand for gold and gold miners. Positioning shows larger bets on curve steepening, but net bond exposure is still very low versus the past 12 months and long-run history.