We Haven’t Seen This Since The Sovereign Debt Crisis

We Haven’t Seen This Since The Sovereign Debt Crisis

I've talked a ton over the past two weeks about the dramatic richening at the front end of the German curve. There's been no shortage of debate regarding what factors are at play. Well, actually that's not right. Everyone knows what factors are at play, it's just a matter of determining which factors are most influential. Essentially it comes down to this: do plunging Schatz yields primarily reflect the ECB's decision to buy below the depo rate or is this mostly a mad dash for safety ahead of
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