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Safe haven flows have pushed 10Y Bund yields briefly towards 0.12%, but the 10Y US Treasury is already back close to 2% again. Such moves look moderate when compared to other markets and keeping in mind the gravity of the situation.
There is a contrast between the ECB turning more cautious and the Fed's unwavering confidence.
Markets have trimmed expectations of a 50bp hike, but beyond the overall tightening path is still maintained.