Just noticed something interesting in the bond markets back then - yields across the eurozone were sliding, and the Italian government bonds actually outperformed the broader trend. The whole thing was moving in sync with US Treasuries but the drop hit harder on this side of the Atlantic.

Had a look at what was driving it. Basically, traders were dialing back expectations for rate hikes, especially with oil prices staying elevated. One analyst I saw noted that the market was getting pretty desensitized to Middle East headlines at that point - instead, everyone's focus shifted to supply dynamics and whatever the ECB was signaling. Money markets were pricing in rates staying flat at the April decision.

The numbers tell the story - German government bonds saw their 10-year yield fall 2.6 basis points to 3.012%, while Italian government bonds dropped even more steeply at 3.6 basis points landing at 3.767%. That outperformance in Italian yields was worth watching, especially given the usual risk premium those typically carry. Interesting how sentiment can shift when the macro picture changes.