Meanwhile, In Switzerland...

While European equities, sovereigns, and corporate credit all seem cock-a-hoop at the tail-risk mitigation efforts of the Draghi 'promise'; demand for the safety of Swiss interest rates has quietly been creeping higher. Swiss 2Y rates are now at almost six-week lows (below -18bps), its lowest since the Draghi 'believe' speech... it seems not everyone 'believes'.



Chart: Bloomberg


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