There's still no sign of the beginning of a post-FOMC bond rally: the FED's announcements have left the US fixed-income markets unmoved, and this is confirmed this Friday: the T-Bond 2034 waited 48 hours to ease a little (-5pts to 4.22%).
The 30-year was still above its March 15 levels on Thursday evening, before easing -4.5pts to 4.400%.
And this belated improvement is taking place in the absence of any significant figures (an agenda devoid of 'stats' or speeches by central bankers): it seems to have more to do with Wall Street taking a 'breather' after 48 hours of 'full risk-on'.

The temptation to take profits on US indices is great in the face of the current high valuations, which could encourage traders to take a few gains on current levels while awaiting new catalysts.
The latest to date dates back to the FED press conference on Wednesday.... and a difference in the interpretation of Powell's remarks seems obvious when superimposing the trajectory of the T-Bonds and then that of the S&P500 and Nasdaq.

There was an important 'figure' on the agenda on the Old Continent: the Ifo business climate index in Germany continues to recover, at 87.8 compared with an upwardly revised 85.7 in February.
A score well above expectations (consensus 86.0; CE 85.5) and the highest since last June.

Bunds ended the week well, easing -7pts to 2.3250%, our OATs were content with -4.5pts to 2.7950% and Italian BTPs with just -3.7pts to 3.635%.
Across the Channel, Gilts erased -3Pts towards 3.968% and will end the week below the symbolic 4% mark, i.e. -13Pts over the week... after +12.5Pts the week before: back to square one (early March) and even back to January 21 levels.



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