Russia Defaulted on its Foreign Sovereign Debt for the First Time in Over a Century

Markets The short squeeze on bond markets stopped on Friday. US Treasuries underperformed German Bunds during the WS risk rally (+3%). US yields rose by 4 bps (5-yr) to 5.9 bps (30-yr). German yields ended narrowly higher on the day. EUR/USD gained slightly ground, from 1.0523 to 1.0553, but first resistance at 1.0627/42 was never […]

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