FO Analysis: The Synchronised Floor.
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The shorthand: the long end holds its band while the Fed and the ECB turn hawkish in the same week and the pipeline stays firm beneath them, and only the Bank of Japan still holds. The floor under long rates is no longer a US idiosyncrasy. It is a synchronised, cross-central-bank regime, and the yen is where the one holdout's divergence is being paid.
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2TO4Q · High · synchronised floor, multi-quarter horizon
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Analysis
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29 min read min