The entire movement in yield has been accounted for by a change in inflation expectations.

French inflation figures surprised on the up-side for a change. Normally they come in below expectations.

After two or three months of inflation numbers coming in above expectations you start to revise inflation expectations upward, which puts pressure on domestic interest rates.

The main enemy Morales faces is the inflation of expectations. People have a lot of hopes, a lot of expectations. But some are expecting miracles in the short term.

The market is moderating its inflation expectations. It's a good time to get into U.S. Treasuries.

We always keep a positive outlook because of the local currency despite the expectations of rising inflation.