According to Jin10, Jefferies global economist Mohit Kumar said in a report that Jefferies has been avoiding long-dated bonds since July because it sees no easy path to resolve the U.S.-Iran war. He added that market positioning is already at extreme levels, making positioning the only factor currently supporting rates, and said weaker-than-expected U.S. CPI data could trigger a round of reflexive short covering before the Federal Reserve meeting. U.S. August CPI data will be released on Friday, and a Wall Street Journal survey showed analysts expect headline CPI to rise 3.4% year on year, unchanged from July.