One foot out...

Editorial A week with no major trend, with hopes of an end to the lockdown and a recovery that will allow oil prices to bounce back (oil was by far the best performer of the week) and political tensions (US-China, Karlsruhe court), in addition to macro- and microeconomic indicators that confirm the reality of the economic shock. The US curve steepened following the Treasury’s announcement that it would favour long maturities for the financing of the $3 trillion. In terms of risky assets, as the markets have already priced in the good news (end of lockdown, economic recovery), we believe the risks are very asymmetric in the short term.