Woolnough on the third anniversary of credit crunch

M&G's Richard Woolnough discusses what the future holds for the global economy on the third anniversary of the credit crunch.

We first started writing about the credit crunch three years ago. Since then, short-term interest rates in the USA, Europe and the UK have collapsed to near zero. Ten year government bond yields across the respective economies have fallen by around two percent. Whilst the fall in interest rates and yields has been a great present for government bond investors, the global economy has been suffering one of its worst recessions since World War II. But enough history, what about the future? Financial market values at a simple level are driven by two basic themes - long term trend followin...