So when the muppet-murdering bank suggests this morning that, while "we have been caught in choppy action" there is a slow awakening of Treasury bears and recommends shifting from a neutral to short-duration position in bonds... one can't help but wonder just what the bank will do with all the bonds clients sell to them...

Via Goldman Sachs,

On balance, we expect stronger economic data, evidence that core inflation is stabilizing (albeit at low levels), and neutral policies by the main central banks. We are entering this period with a positive stance on stocks, an underperformance of intermediate maturity bonds in core markets, an increase in inflation break-evens, and a constructive view on credit and sovereign spreads.