The Treasury's move to reintroduce the 20-year in 2020 hasn't panned out as hoped.
The bank's strategists disagree on how many times the Fed may cut rates this year.
The firm's liquidity gauge has been "steadily improving," JPMorgan strategists said.
There remains a disconnect between how much easing the market expects and what policymakers consider likely.
Traders said retail sales have been too buoyant to figure in fast rate cuts in the short term.
Bonds are on course to narrowly avert a third consecutive annual loss.
It was the lowest yield since July as bond investors tried to assess the Fed's policy moves.
Traders and investors have recently rushed headlong into U.S. government debt.
The large swings pose a challenge to investors reckoning with the highest yield levels in more than a decade.
That data led investors to lower the odds of another Fed interest rate hike this year.
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