Bloomberg Surveillance · Monday, September 28, 2026
Bob Michael of J.P. Morgan Asset Management is maintaining a bullish stance on bonds, noting that yields over 5% present an attractive buying opportunity. He believes the recent price action in yields suggests a potential blow-off top is forming.
“Bloomberg Surveillance. Podcasts Radio News. This is the Bloomberg Surveillance Podcast. I'm Jonathan Farrow, along with Lisa Abramowitz and Anne-Marie Hordern. Join us each day for insight from the best in markets, economics and geopolitics. From our global headquarters in New York City, we are live on Bloomberg Television weekday mornings from 6 to 9 a.m. Eastern. Subscribe to the podcast on Apple, Spotify or anywhere else you listen. And as always, on the Bloomberg Terminal and the Bloomberg Business App. We begin this out with stocks retreating as yields and crude climb. Bob Michael of J.P. Morgan Asset Management staying bullish on bonds, writing, we like the intermediate and long end with yields over 5%. The price action last week, unusual, suggesting a blow-off top in yields is forming. Bob joins us now for more. Bob, good morning.”
“we like the intermediate and long end with yields over 5%. The price action last week, unusual, suggesting a blow-off top in yields is forming.”
“It's not. One of the things that puzzled us is the move from 390 to over 5% was pretty orderly, and we were always looking for a blow off top. We never got it. We hit our nominal and real yield levels. We did some buying. For us, the bigger problem was when we got down to 493%. Do we chase it? So 523 is a much happier place for us in the bond market. We can go back in, buy with some yield.”