US Treasury and German 10-year and 30-year bond yields have by and large
erased most of their first quarter increases, when vaccine optimism, inflation
fears and exuberant expectations for the economy sparked the biggest sell-off
since the 2016 US elections or the 2013 taper tantrum. Inflation expectations, on
the other hand, have shown a more modest decline in recent months. Thus, real
yields are now back at their all-time/post-outbreak lows:


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