One of those longstanding truths is that US inflation is generally higher than Europe. That’s been the case for decades as the American economy, powered by Silicon Valley success stories and deep financial markets, expanded rapidly and Europe lagged behind.
That suggests investors are getting ready for a world that looks very different to the one that’s existed for a long time, and implies big shifts for both monetary policy and markets. Traders have amped up bets via derivatives on sticky inflation in the euro area, while also erasing wagers for rate cuts this year. Benchmark yields climbed to the highest levels in over a decade.
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