Short-term and long-term yields - a diverging perspective?
31 January 2025 · François Villeroy de Galhau , Governor of the Banque de France (France)
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FV 31 Jan 2025 · François Villeroy de Galhau Wiki · Banque de France Wiki Short-term and long-term yields - a diverging perspective? Context Speech at an OMFIF event in London; the Banque de France keeps prices and finance stable and watches long-term yields rising while policy rates fall.
Why it matters The governor explains why long-dated bond rates climb even as the ECB lowers its policy rate.
Problems raised Short- and long-term yields diverge. Asset purchases expose the balance sheet. Corporate bond holdings carry risk. Solutions proposed Watch portfolio maturity closely. Prioritise government and supranational bonds. Prepare new euro banknote themes. Read full speech on bis.org ↗ More from François Villeroy de Galhau · Banque de France · all speeches
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