Global Rates: Pardon my French

• Swap spreads narrowed late last week by three basis points across the curve, likely influenced by developments in European markets
• French President Macron's decision to dissolve parliament and call for snap elections has caused uncertainty in the fiscal outlook, leading to de-risking of European sovereign bond holdings
• While last week's moves in US markets were significant, it is unlikely to continue as US treasuries are expected to remain stable and demand is expected to stay strong, supported by the rate cycle turning and potential easing from the Fed

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