La curva dei rendimenti USA è tornata positiva. Il differenziale dei rendimenti a 10 anni e a 2 anni, dopo essere diventato negativo nei giorni scorsi, è ritornato positivo a 20 bp.
In Europa invece la BCE - dopo il suo meeting di ieri - ha spinto i rendimenti al rialzo. Ritengo tuttavia che la BCE concentrerà i suoi sforzi per mitigare gli effetti negativi sulla crescita che avrà la guerra in Ucraina, nonché cercherà con qualche intervento attivo di rafforzare l’euro che continua a indebolirsi sul dollaro ($EURUSD) e che rischia di diventare una bomba ad orologeria se associato ad un’inflazione elevata.
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