The End Game has arrived
Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Summary: Financial markets were unimpressed by yesterday's two key monetary policy events while the latest twist in the Brexit saga elicited a similar shoulder shrug, as illustrated by a collapse in EURGBP volatilities. Elsewhere, resurgent risk appetite is firing up EM FX but TRY is left out.