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As French Election Risk Plunges, One Heisenberg Reader Called It

Wax on, wax off. Risk on, risk off. I said it on Sunday: this week would be all about French politics. The relief rally in OATs (triggered by Wednesday's reports of an alliance between centrist François Bayrou and Emmanuel Macron) has continued into Thursday after the latest OpinionWay poll showed Macron beating Le Pen 60%-40% in the second round compared with 59%-41% spread in Wednesday’s poll. OATs extended gains, led by the 10Y-30Y sector with 10Y yields falling to one-month lows:  This is probably a good time to highlight some commentary submitted by a reader on Monday. To wit: Mr Macron may well manage to draw more moderate socialists to his camp because of the extreme concern of the Party to be wiped out in parliamentary election following immediately on the presidential vote it is also probable Mr Bayrou - a 'center - left of center' candidate of past presidential election (with more than 10% of the vote) will decide to support Mr Macron (who will have to pay dearly for this boost) By ending up with 23/25 % of the vote in the first round, Mr Macron wins the election in the second round, because Ms Le Pen will not grow much beyond 35/40 % of the votes Clearl
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