Summary: Euro-zone household pessimism essentially unchanged in May; consumer confidence index still well below long-term average, lower bound of “normal” readings; confidence has improved steadily since October; euro-zone yields barely move. EU consumer confidence plunged during the GFC and again in 2011/12 during the European debt crisis. After bouncing back through 2013 and 2014, it fell back significantly in late 2018 but only to a level which corresponds to significant...