2025 brings some interesting shifts in European bond markets worth noting. Italian sovereign risk spreads have cooled back to pre-crisis territory—a solid turnaround from earlier volatility. But here's where it gets curious: the old center-periphery gap we've watched for years is flipping. French yields are now running higher than both Spanish and Italian benchmarks. That's a departure from the typical playbook where core eurozone bonds command tighter spreads. The reversal signals shifting investor risk appetite and diverging growth expectations across the bloc. Worth watching how this plays out as policy divergence and fiscal conditions continue reshaping Europe's fixed income landscape.