VV - Doves Ascending

• In our view, broad, vocal support for Draghi indicates how far Europe's consensus has swung in favor of fiscal intervention.
• In the U.S., after losing more than 200,000 nonfarm jobs in December, less than 50,000 were recouped in January.
• Our base case remains an orderly normalization of rates this year, with the 10-year yield finishing around 1.5%.

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