Small Moore: Fed Unlikely to大幅Cut, Sell 2-Year Treasuries

[Para 1: The Lead] JPMorgan economists advise tactical selling of 2-year U.S. Treasuries as the U.S. economic outlook limits the Federal Reserve's ability for aggressive rate cuts. [Para 2: Supporting Details & Context] Headed by Jay Barry, strategists note that even with Jerome Powell's leadership, FOMC members are unlikely to shift from current stance despite inflation data. The report was released ahead of the 13th of January core CPI release, with traders now pricing a 100-basis-point cut by year-end versus prior expectations of a move in June. On the morning of February 13 (Asia time), the 2-year yield rose 2 bps to 3.47% amid volatile swings following tech sector sell-offs and strong employment data. [Para 3: Additional Context] Critics, including Greenlight Capital's David Einhorn, expect Powell to pursue faster easing, betting on overnight lending futures to rise if markets anticipate accelerated Fed tightening. JPMorgan projects U.S. core CPI for January to climb 0.39% versus 0.31% consensus, reflecting easing pressure from early-year price spikes and a lull in government disruptions. The firm emphasizes limited downside for short-term yields and suggests investors take advantage of current rates with tactical positioning.