It has been a gloomy start to 2006 for global government bond investors. Factors supporting bonds in...
It has been a gloomy start to 2006 for global government bond investors. Factors supporting bonds in recent years, such as a global mismatch between planned savings and investment, increased demand from pension funds for longer-dated assets and excess global liquidity, have started to unwind. In addition, strong global economic data has fuelled expectations of further interest rate increases in both the US and Europe and dented hopes of a cut in the UK. This has pushed US Treasury 10-year yields above 5% – a four-year high – and German Bund yields over 4% for the first time in 18 months. ...
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