J.P. Morgan Asset Management’s website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan Asset Management isn’t responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan Asset Management name.
Market expectations that interest rates would dip into negative territory diminished as the vaccine rollout accelerated, raising hopes that the economy would rebound rapidly in the second half of 2021.
Bank of England (BoE) comments and monetary policy committee minutes were increasingly positive about the prospects for an economic recovery, and projected a rise in inflation towards its target within two years.
Short-term interest rates have moved higher, from record lows at the start of the year, and the yield curve steepened, reflecting a rise in reflation expectations.
Eurozone economic data remained weak during the first quarter due to extended COVID- 19 containment measures, the slower pace of vaccine rollouts and more limited fiscal support.
The European Central Bank (ECB) reiterated its dovish stance and committed to “significantly” expand the pace of bond buying under its monthly Pandemic Emergency Purchase Program.
Euribor yields edged slightly higher during the quarter but remained close to record lows.