By Kevin Flanagan
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.
Implied Probabilities for 2019 Rate Action
The table above highlights