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April 2024 Monthly
The macroeconomic and geopolitical developments have not changed substantially over the past month. The resilience of the US economy allows the Federal Reserve to put more emphasis on achieving price stability. While the market favors a June cut (66% vs. 80% at the end of February), it has not been fully discounted for over a month. The biggest event in March may have been the well-telegraphed exit from negative interest rate policy and Yield Curve Control by the Bank of Japan. Yet, over the course of last month, Japan's two-year yield rose was virtually unchanged and the 10-year yield rose less than two basis points ... (full story)