This has turned out to be a week when central bankers have been determined to put their views forward, at least in Europe. A factor in this is that bond markets have decided to either look through the “higher for longer” mantra for interest-rates or simply do not believe it. In the recent trading range we have seen the US ten-year yield some 0.5% to 0.6% lower than the peak phase. I do not think there has been any change in the worries about the trajectory of fiscal policy, but there has been a shift in interest-rate views. So we can switch to someone who has been an advocate of the higher for longer claims as the ... (full story)