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Flight To Safety into the Weekend Boosts Bonds, Gold!

Nerves remain frazzled into the weekend amid worries over a full-scale banking crisis. In spite of the actions by central banks and other regulators to try to ringfence the problems that helped take down SVB, Signature Bank, and that weigh on First Republic and Credit Suisse, investor confidence has been severely shaken, leaving the very fragile conditions and everyone is wondering; Is there another banking shoe to drop? The pop in interest rates that exposed problems is not going away. A flight to safety is picking up again with yields falling and that is likely to be today’s trade ahead of the weekend. The 2-year Treasury is 11 bps lower at 4.048% versus a 4.24% high overnight. The 10-year is down 13 bps to 3.45%. Yields on European bonds are down sharply too with the German 10-year Bund 13 bps richer at 2.15%. Japanese Government Bonds (JGBs) closed 12 bps lower at 0.0143%

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Stuart Cowell

Head Market Analyst

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