It is a quiet start to the week with both Japan and the UK on holidays. The one glaring shift is the U.S. 10‐year yield dropping to a fresh ytd low of 2.57%; while the two‐year is relative steady in its recent range, currently at 0.41%. The implication is concerning andsuggest that increasingly the market is pricing in a less aggressive Fed. The highlight this week will come from Chair Yellen testimony, on Wednesday and Thursday.
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Scotiabank