Rates Spark: As the dust settles, there’s still a price to pay

Lower oil prices help rates reduce hawkish takes on central banks, resulting in diminished expectations for an April hike from the ECB or BoE, and a re-build in a Fed rate cut rationale. But a relatively flat 2s5s suggests that the hit to the medium-term growth outlook might be more lasting. Curves can still steepen, though, overall, from both ends