The heaviness of the bond markets continues unabated: it's not spectacular, it's a slow slide, but it's taking the main sovereign debts back to their end-November/early-December 2023 levels.
Thus, Bunds are stretching +2.2pts to 2.458%, our OATs +1.5pts (to 2.892%), while Italian BTPs are moving against the current with -2.5pts to 3.676%.

But on the other side of the Atlantic, T-Bonds are down +3.5pts to 4.34%, while the 30-year yield is +3pts at 4.458%, which is close to the annual zenith of 4.475% and not good for real estate.
Same +3Pts gap on UK 'Gilts' at 4.1350%.


The week will be punctuated by the monetary policy meetings of several major central banks, including that of the Fed... but it should not produce the slightest surprise (consensus of 99% in favor of maintaining the key rate on Wednesday): the markets will, as always, be on the lookout for the slightest revealing indication of the timetable for future interest rate cuts (which could be limited to 3 this year).

Many analysts believe that the Fed could revise upwards its outlook for economic growth and inflation, meaning that there is still no urgency to cut rates (not before June for 76% of operators).
In addition to the Fed, the Bank of England (BoE) and the Swiss National Bank (SNB) will also be meeting this week, and again no change in rates is expected from these two central banks.

The surprise could come from the Bank of Japan (BoJ), which according to market rumors intends to normalize its monetary policy by raising the cost of money and ending negative rates.


In today's statistics, the annual inflation rate in the eurozone stood at 2.6% in February 2024, compared with 2.8% in January, and that of the European Union at 2.8% after 3.1%, according to Eurostat.

According to initial estimates, the eurozone recorded a surplus of 11.4 billion euros in its trade in goods with the rest of the world in January 2024, compared with a deficit of 32.6 billion euros in January 2023.

Bond markets continue to deteriorate
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