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The majority of global 10-year benchmark notes hit 3-year yield highs early in May after central banks around the world began to tighten monetary policy.
Across Europe, inflation has soared, as the region continues to deal with the impact of the war in Ukraine and supply chain issues following the Covid-19 pandemic.
The greatest mover in May was Italy, gaining 35 basis points for a 3.14% closing yield, with Greece behind it, gaining 26 basis points and ending the month with a yield of 3.46%.