Global Yields Retreat on Bets of Further Easing from Central Banks
• German 10-year bond yield drops to lowest in 6 months on bets of ECB rate cuts in 2024 • Traders pricing in 25bps ECB rate cut in March, 150bps of cuts by end of 2024 • U.S. 10-year Treasury yield falls on increased bets of Fed rate cuts by June • Equity markets retreat somewhat from 4-month highs; Europe flat, U.S. futures dip • Australian dollar falls as RBA statement emphasizes data dependence on future rate moves