The market narrative of 2025 — an expansionary US under Donald Trump and Europe declining amid political disarray — has been flipped on its head by German chancellor-in-waiting Friedrich Merz’s spending plans. While the bund yield curve jumped in recent weeks as Germany sought to unleash defense investment, the Treasury curve dropped with the US focused on tariffs and austerity measures. This timely Functions for the Market story by Philip Symington, Dr. Christian Weber, CFA and Leonids Leibovics runs through relevant tools. Clients can read on FFM <GO>, NSUB FFMSTORY <GO> or https://lnkd.in/eUypvJUP.
