• Meanwhile in markets, with the Fed not being hawkish enough and no unexpected blowout in US CPI figures yesterday, we get a familiar picture of a softer dollar, stable US Treasury yields and Fed rate hike bets, and a reprieve for emerging markets.
  • After literally falling out of bed at the start of the year, US Treasury yields have been stable this week. Bunds are taking their cue from Treasuries, with the 10y still failing the pierce the psychological level of zero. Meanwhile Lagarde & Co at the ECB are just relieved that peripheral spreads didn’t blow out during the bond market carnage at the start of the year.



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