of the current economic situation can give hints of further rate cuts or quantitative easing measures. Key dates: 5 July, ECB rate decision; 31 July, Fed FOMC meeting Credit conditions (ECB bank lending survey). Key date: 14 August, Eurozone GDP Q2 The level of yield spreads to German bonds influences the

policy The Fed's assessment of the labor market determines its stance on quantitative easing me and is key for yields. Key dates: Nov 2, NFP; Dec 11 Fed FOMC meeting 1% Inflation expectations Current yields do not reflect low real-interest rates, but rather normal inflation expectations. Inflation expectat