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The Week Ahead
The combination of the dovish hold by the Federal Reserve and the eurozone's miserable flash Purchasing Managers Index casts a pall over the economic outlook. Japan's flash PMI remained stuck at February's 48.9, while core inflation unexpectedly eased. Three months after the European Central Bank stopped buying bonds, the German 10-year Bund yield fell below zero for the first time since 2016. Japan's 10-year yield is near minus eight basis points, the most since 2016 as well. The US 10-year fell to 2.44%, the lows since early last year. Going into the last week of March, the US 10-year yield has fallen about 22 bp ... (full story)