A member of the ECB Governing Council suggested that the markets hadn’t priced in the extent of the stimulus measures coming next month. ‘ECB Has Big Bazooka Primed for September’ was the headline in the Wall Street Journal. As Phil Dobbie discusses with NAB’s Gavin Friend, that comment, along with China’s latest response to extra tariffs from the US, many of which still kick in next month, has been enough to drive the rally in bond yields still further. Yields are breaking into even lower territories around the world, particularly in Europe, the UK and the US. And there’s hope that a no-deal Brexit might be off the table, but don’t hold your breath.