Italy’s 10-year BTP yields slipped toward 3.50%, retreating from a two-week high, as tensions between the US and Europe over Greenland eased. During the World Economic Forum in Davos, Switzerland, US President Donald Trump stated that he and NATO Secretary General Mark Rutte had agreed on a “framework for future cooperation” regarding Greenland and the Arctic, and on this basis withdrew the threat of punitive tariffs on eight European allies. On the macroeconomic front, with inflation near target and economic growth steady, the European Central Bank is expected to maintain interest rates, with little likelihood of near-term policy adjustments and a preference for a wait-and-see approach.
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