Adam Couper, Head of Interest Rate Strategy at Société Générale, noted in a report that risk aversion in the stock market and geopolitical uncertainty surrounding Iran are bolstering the safe-haven appeal of bonds. The strategist noted that, as a result, market expectations regarding the central bank’s interest rate path have shifted toward a dovish stance and are increasingly diverging from resilient macroeconomic fundamentals and central bank rhetoric. Couper also pointed out that the eurozone interest rate market is gradually approaching levels of excessive expansion.