There were few surprises from the Bank of England and ECB policy meetings yesterday, both noting the risks from protectionist trade measures and emerging markets. The ECB pared back its projection for GDP growth to 2.0% in 2018 and 1.8% in 2019. However, weaker-than-expected US CPI inflation caught markets by surprise, with US 10-year yields falling back from the key 3% level.
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