Despite the summer doldrums, the main feature of global bond markets continues to be revisions to ma...
Despite the summer doldrums, the main feature of global bond markets continues to be revisions to market expectations of interest rate rises in the US and the UK. Following the release of a number of weaker-than-expected economic indicators the market is now discounting a peak as investors believe that we are now close to the end of the current interest rate cycle. In anticipation of this, 10-year US yields have fallen 0.8% since mid-May and short-dated gilt yields have fallen below 6.0%. The fall in longer dated yields has been exacerbated by technical factors including the reduced suppl...
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