JPMorgan's latest advice is for investors to take profits on two-year U.S. Treasury long positions, mainly due to uncertainties in U.S. employment data.

The bank warns that if employment data exceeds expectations and shows stronger growth, it will reflect resilience in the U.S. labor market, reduce the Federal Reserve's easing room, and cool down rate cut expectations, leading to higher short-term Treasury yields and weaker prices.

The two-year U.S. Treasury is highly sensitive to monetary policy. In the current environment of macroeconomic expectation fluctuations, timely exit to lock in profits and avoid data risks is a more prudent trading strategy.