We've had an accumulation of hawkish comments from the ECB and the momentum behind the European economy is now quite strong. The picture remains quite negative for the bond markets.
The outlook for the bond market is still negative. The European recovery is quite strong and we've had an accumulation of hawkish comments from the ECB.
The risk is for the ECB to accelerate the pace of interest- rate hikes. There seems to be very little support for the European bond market.
We're slightly positive on the bond market for now. A rate move is priced in for June but people have given up on the idea of getting anything earlier.