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"Heaven Help Us If There Is Ever A Modest Blip Of An Inflation Impulse"

By Charlie McElligott, head of cross-asset desk strategy at RBC Despite the weakest Euro area Composite PMI since January ’15, periphery and core EGB’s are too seeing weakness, with traders noting not just the “tapering” story, but also Target 2 balance data, which is showing Italian and Spanish liabilities at 3+ year highs against German claims (2nd highest reading since 2008).
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