Global Markets: Surprise central bank moves were the main ingredient in yesterday’s market salad, with a surprise rate cut from the Swiss National Bank, a surprise rate hike from CBC Taiwan, and a dovish shift in the voting at the Bank of England. In terms of the US Treasury market, the action was to start unwinding the declines in yield that followed the FOMC meeting earlier in the week, and 2Y yields moved up 3.4bp, while yields in Europe mainly tracked the SNB move and declined. 10Y US Treasuries haven’t moved much. 10Y German bund yields fell just under 3 basis points to 2.403%. The 10Y JGB yield is still ... (full story)