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Over the last year, 10-year German Bund yields have gradually declined, while investor sentiment deteriorated over the course of this period as the U.S.-China trade dispute dragged on, taking global growth down with it. Policymakers failed to adequately address the consequences from these events, and German Bund yields partly reflect the lingering effects of this risk-off overhang. However, one year later, information risk is starting to dissipate, which we think may improve the odds for a positive fat-tail risk event in 2020. We think there are six factors that complement