Over the past week we’ve seen a big surge in hawkish comments from central bankers around the world.  Yesterday’s key contributor was BOE chief Carney saying they may need to remove stimulus soon…nevermind that whole Brexit thing.  This is creating two major shifts in market psychology at the moment.  The first shift is an acceleration of dollar weakness as the more hawkish stances from the BOE and ECB (among a few others…but not the BOJ) is reflected in the moods towards the currencies.  The second change is in bond markets, where yields have been rising for several days now.  Sticking with our UK focus for the moment, the yields on 2-year UK gilts hit its highest level since the Brexit referendum last night.  Central bank commentary continues today with comments from the BOE’s Carney on Bloomberg TV this morning and St Louis Fed Pres Bullard (recently dovish) speaking at noon today.  After these two, I believe the planned central bank comments are mostly done for the week.

Major Market Yield Curve Comparison

On tap today we do have the third installment of Q1 GDP released this morning, though by now we hopefully shouldn’t be due for major surprises.

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