Here's your summary from Markets in 2 Minutes: France Political Risk Not Fully Priced Yet (https://www.youtube.com/watch?v=UNP-JxoxbO0) on the Bloomberg Television channel:

**TLDR:** French political risk is not fully priced into the market yet, leading to potential widening of bond spreads if certain political outcomes occur.

1. French bond yields could widen by 20-25 basis points due to political uncertainty.

2. Market reaction will depend on the results after July 7th, with potential for rally if investor-friendly policies are announced.

3. Current fair value of French government bonds may be lower than potential future value, indicating room for further price adjustments.

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