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As French yields continue to climb and pull other European yields higher, there's a question on many people's minds: What is the circuit breaker, and when does it kick in? Is it endogenous? If so, we are likely still a ways away from its trigger point, especially given how ex-ante imbalances in the US bond market continue to exert upward global pressure. Or is it policy-induced? If so, and when it comes (also uncertain), will authorities use the right tool, or a second-best option that brings unintended consequences and collateral damage? #economy #markets #bonds #yields #europe