Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.

Quick recap

• Is this the end of an era? More than a decade after the onset of the Euro Crisis, the ECB finally signalled a normalization of its monetary policy. Christine Lagarde emphasized again that the bank would not raise rates before terminating its asset purchases, but the word is out now.
• Bund yields rose sharply, and the curve flattened on the back of the ECB’s revised outlook.
• European equity markets didn’t greet the ECB’s new hawkish tone with joy but only retraced mildly over the course of the week.
• In the U.S., traders have flagged a somewhat concerning decline in liquidity and earnings season claimed a high profile victim, with Meta shreding a quarter of its value.

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