 Bank of America Global Research discusses the EUR correlation in 2023.For 2023, we would expect EUR correlation to broadly rise on the back of hawkish ECB driving Eurozone periphery debt risk higher. Our call for the ECB terminal rate at 3.5 suggests upside risks for periphery yields, from already elevated levels in the case of Italy. Debt dynamics could become challenging, particularly when considering Italys low growth potential and the need for even higher government primary... 