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BTPs Lead Rally As Holzmann Seen Less Hawkish Than Usual

EGBS

BTPs are outperforming amid a broader EGB rally as ECB's Holzmann is seen making less hawkish noises than usual.

  • BBG cites Holzmann as saying "very cautious on moving too quickly with QT" and "no sign inflation expectations are de-anchored" (note late last year, prior to the Dec meeting, he said he was “still very much concerned that a de-anchoring of inflation expectations will take place”.
  • Bunds are rallying but perhaps particularly on the QT comment, 10Y BTP / Bund spread touches 184.4bp, the tightest since Dec 13, down 7bp on the day.

Source: BBG

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