Last Week In Review: Abject Monetary Disorder

Global bond markets, enjoying their own speculative melee and attendant unprecedented low yields, were fazed neither by the “truce” nor surging risk markets. German 10-year bund yields were down eight bps at Thursday’s lows, to a record negative 0.41%. French yields were down 13 bps for the week at Thursday’s record low negative 0.14%, with Swiss yields down another 12 bps to Thursday’s record low negative 0.67%.

As spectacular as it’s been at Europe’s “core,” the yield collapse at the “periphery” has been nothing short of astonishing.