Bond yields have risen markedly in recent months. In the US, they began rising last October; in Euro...
Bond yields have risen markedly in recent months. In the US, they began rising last October; in Europe, they began in early February; in Japan, they started only as recently as late May. The rise in yields has undoubtedly been caused by shifting perceptions about economic growth. The US has now been growing more or less continuously for nine years. The employment market has tightened to the extent that there are actual labour shortages and the trade deficit has ballooned out to record proportions. However, upward pressure on the domestic price level has been contained both by intense com...
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