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Overview: Interest rates are lurching lower. The US 10-year yield is at new two-year lows, but the driver is European bonds where peripheral yields are 6-7 bp lower, though Italy's benchmark is off 12 bp, while core yields are down 2-3 bp to new record lows. The German benchmark is almost minus 40 bp, while the Swiss 10-year is beyond minus 100 bp. Italy's two-year is breaking more convincingly below zero. The nomination of Lagarde to replace Draghi is seen as likely continuing the course. Equity markets are mixed with most large markets in the