According to Wallstreetcn, Bob Michele, global fixed income chief at JPMorgan Asset Management, said his team has started buying long-dated bonds in the U.S., Japan, and Australia, calling current prices “too cheap” and saying the market has reached the “maximum pain point.” He said a series of rate hikes by the European Central Bank, the Federal Reserve, and the Bank of Japan, along with the possibility that the Middle East situation may stabilize, will support the bond market. He also said the recent selloff in U.S. Treasuries was excessive and that Treasury Secretary Bessent’s long-bond buyback plan is an important stabilizing force.