The sharp inversion seen at the long end of the gilt market last year caught many fund managers, par...
The sharp inversion seen at the long end of the gilt market last year caught many fund managers, particularly international, on the wrong foot. As the yield curve continued to invert, market commentators stated that this was an anomaly, which would be corrected in due course, and advised switching into higher yielding European bonds. However, the UK curve remains sharply inverted, despite switch auctions offering the prospect of increased ultra-long supply, and the long end of the US yield curve has inverted in anticipation of the Treasury buy-back programme. We believe that it is the u...
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