Flat Friday, but volatility risks remain

Flat Friday, but volatility risks remain

The bonds started weaker, turned more at noon and then slowly moved back to unchanged values. Most of the volatility of the day comprised comments by a Swiss finance minister at the US/China trade talks of this weekend (in Switzerland). The movement was very small in the overall picture and possibly reflected the very low probability for any kind of trade decision such as yesterday’s Great Britain/US business. Nevertheless, over the weekend, headlines can provide information on where the discussions are to be accompanied, and that could be worth a certain volatility in the coming week. A day later, CPI will present the first evaluation of the inflation of April in the big picture assessment (still exceptionally early when it comes to potential effects of the tariff, but not too early to identify some effects).