In Europe, the European Central Bank (ECB) remains the dominant driver for yields. This year, it has been willing to extend the pace of quantitative easing (QE), add other instruments to the eligible pool, and signal new stimulus should it be warranted.
But we expect its willingness to take further action will be tempered over the coming months as headline euro area inflation starts to rise closer to 1%. The risks that led the ECB to extend QE back...
Four potential outcomes
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