• Meanwhile in markets, ECB President Lagarde’s ‘checking bond yields’ remarks have stopped the bleeding for Bunds, Treasuries and the lesser gods of the bond market. Asian equities have appeared to gotten the message of the central bank put even though European and US equities failed to close higher yesterday in the wake of Lagarde’s remarks.
  • In an example of you-only-get-lucky-once in markets, in our Comment yesterday morning we warned that German real yields had approached pre-pandemic levels, and that the ECB might guard against further increase. Well, on cue… the rest is history and all that.

 

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