Volatility seems to have found some rest. Janet Yellen didn’t really say so much new, what is worrying is the shape of the US yield curve: it keeps flattening to historically very flat levels. Is there a meaning in it? even if there is not, the side effect on the banking sector at least is fully there. Pension funds and life insurers are the other suffering entities. It all pushes back to very traditional portfolio management, based on fundamentals and respecting a consistent investment time horizon. On Europe, still no news about a more reliable banking union. the problem stays fully there, sometimes hidden, sometimes showing its face.