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Headlines about the Ukrainian conflict has led to a flight to quality, thereby sending the Bund swap spread almost back to zero
Sharp moves in central bank cutting expectations for 2025 are an important driver of rates at the moment
Gilt yields should revert lower, but we may have to wait until 2025
The divergence between EUR and US rates continues. While the ECB endpoint is being recalibrated lower, a more hawkish Powell last night pushed US rates higher
