Macro and Rates Overview

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Fixed Income Monthly

• Government bonds fell in February, defying disappointing economic data. Yields tracked modestly higher, although failed to keep pace with the recovery in equities and risk sentiment.
• Led by UK Gilts, most developed markets saw yields rise over the month, with exception of Japan, Australia and New Zealand.
• In the US, 10-year Treasury yields rose 9bps, pulled higher by the rise in equities. Core Eurozone yields were broadly stable, although Italian sovereign risks resurfaced early in the month and their yields ended 16bps higher.