Summary: ifo business climate index increases for third consecutive month; expectations index on par with late-2018; German economy recovering “step by step”; bond yields fall after disappointing household credit growth figure. Following a recession in 2009/2010, ifo Institute’s business climate index largely ignored the European debt-crisis of 2010-2012, remaining at average-to-elevated levels through to early-2020. However, the index was quick to react in the March survey. According to the...