And sure enough, with the 10Y rising from 2.33% one year ago to a multi-year high of 3.24% earlier this month, as government bonds around the globe also saw a material pickup in yields, that prediction has been proven accurate.

Where JPM was wrong was in its estimates for matched pickup in non-central bank demand for government paper, where as Panigirtzoglou admits, he was overly optimistic (more on that shortly). 

So with traders - across all asset classes, including equity, credit and rates, all focusing on what happens to US Treasury yields next, the JPMorgan strategist revisits his previous analysis on global bond demand and supply, incorporating updated supply forecasts both for the balance of 2018 as well as for 2019.