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Yield-Inversion Fear Is Fanned by JPMorgan, Panned by Aviva

  • Aviva’s McAlevey says curve will steepen on enduring recovery
  • JPMorgan intensifies debate by showing swaps already inverted
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Some have started to fret the bond market is portending a recession. Not James McAlevey.

The fixed-income fund manager at Aviva Investors, which oversees 243 billion euros ($301 billion) of bonds, is instead loading up on risk and yield curve-steepener trades. He expects the U.S. economy to expand -- not shrink.