What a difference a year makes. Twelve months ago the threat of deep global recession seemed very re...
What a difference a year makes. Twelve months ago the threat of deep global recession seemed very real, but investors are now wondering what all the fuss was about. This dramatic swing in both sentiment, and cyclical developments, explains the poor performance from bond investments, both in the UK and globally this year. Though off of their highs, five-year gilt yields are now almost two percentage points above their February levels. Having said that, the gilt market is currently two markets in one. While shorter-dated gilts have risen dramatically in response to the underlying economi...
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