Global Rates Strategy J P M O R G A N Francis Diamond AC (44-20) 7134-1504 francis.diamond@jpmorgan.com J.P. Morgan Securities plc Elisabetta Ferrara (44-20) 7134-2765 elisabetta.ferrara@jpmorgan.com J.P. Morgan Securities plc 30 May 2025 Overview Tactically trade rates amid tariff gyrations • The past couple of weeks delivered further choppiness for DM yields given flip- flopping tariff headlines and sharp moves at the back end of the curve. Long end rates were under the spotlight over a week ago with a sh ...