Salient to Investors:
US interest-rate swap levels at their highest in 4 months relative to T-yields suggests investors are seeking refuge in government bonds.
Ali Jalai at Scotiabank said it is definitely not time to short Treasuries because thinking that the Fed is going to tighten is just silly because the US economy is hovering along near the bottom. Jalai says 10-yr yields could decline to 1.85 percent by March 31.
Jan Hatzius at Goldman Sachs says political turmoil may increase the risk premium investors demand to hold European assets.
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