CLTL - Rates Spark: Carry On Worrying

• As the dust settles, the implications of the ECB and Fed June meetings are subtle.
• EUR rates should be shielded to an extent from a hawkish Fed, but if the outlook deteriorates, long-end rates will continue falling.
• This is a bond market that refuses to bow to contemporaneous macro circumstances, and in fact, sees something nasty down the line.

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