Treasury yields suffer. The contraction in volatility highlights the markets expectation of a critical week. The Fed and BoJ will be announcing monetary policy decisions and China will release key activity data. Rising event risks have pushed developed markets interest rate yields to new lows. The weak labor report in the US, ended the markets hastily built outlook for a June rate hike. However, a healthy JOLTS job report suggests that potentially the market has misinterpreted the US labor market. The RBNZ held rates at 2.25% but clearly stands ready to do more in order to weaken the kiwi. The Swiss inflation story weakened yet faced with Brexit and a rapidly expanding balance sheet, SNBs options to protect the Alpine nation economy are disappearing. With oil recovery rally fading the outlook for Canadian growth is also in decline increasing the likelihood of additional BoC easing.