The beginning of the year reflects the last quarter of 2023: a break on the money markets. Following central bank meetings, the Fed and ECB are hinting at the possibility of lowering key rates in 2024, but without giving an exact timetable. With data supporting the economy, sovereign yields are on an upward trend. The US 10-yr yield increased by 32bps, ending the quarter at 4.2%. In the same way, the German 10-year reached 2.3% (+27bps).