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Bund is not alone and Switzerland joins in along with other Euro zone countries in latest bond market rout.
- As German 10 year yield moved beyond 1% today, highest level since September last year, Swiss 10 year is back into positive zone after hovering below zero mark for months.
- Swiss 10 year yield dropped to -0.3% after Swiss National Bank (SNB) removed Euro-Franc floor at 1.2 on January 15th this year. Yield has been trading in negative since then.
- 10 year yield finally started emerging from negative zone this month. 1st June, yield was at -0.7% and trading at +0.26% as of today.
Swiss yield may not see spectacular rise that of bund, however inflation concern over the longer term are likely to push yields higher over the medium term.
Yield rise will quicken, if inflation rebounds in Switzerland. In May, Swiss inflation grew +0.2% m/m but still in deep negative at -1.2% on yearly basis. Similarly drop in producer prices has hit worst since 2008/09 crisis.
- After months, first time 10 year yield was positive at auction. Average yield at auction was 0.248%.
