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If bond investors have learned anything this year, it is that the "winds of change" can blow in dramatically different directions regarding monetary policy. As the first quarter was coming to a close, many wondered where a rate cut would more likely come from, the U.S. or the eurozone. In other words, which central bank would blink first? Against this backdrop, I thought it would be interesting to see how market sentiment has shifted from where we were only four months ago.