According to Jin10, Jefferies Group global economist Mohit Kumar said in a report that the firm maintained its bullish view on five-year U.S. Treasuries, expecting yields to decline, as major central banks hold policy meetings this week. Jefferies believes central banks will raise rates fewer times than markets currently price in and expects the Federal Reserve and European Central Bank to leave rates unchanged on Wednesday and Thursday, respectively. Kumar said Jefferies still expects each central bank to raise rates once in December. Its base case is that oil prices will have started to decline by the central banks’ policy meetings next March, removing the need for further rate hikes.