ETF Securities – Limited prospect for Eurozone bond gains amid political uncertainty
Highlights
- The rise of populism in the Eurozone could weigh on the ECB’s Staff forecasts and force the ECB to extend its asset purchase programme (APP) beyond March 2017 at its December meeting.
- Countries with the highest level of political uncertainty – France, Austria and Italy – have been hit the strongest by the global bond rout since September.
- We believe the ECB could ultimately opt for yield-targeting if political uncertainty markedly alters the financial conditions in the Eurozone.
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