US Treasury

Targets longer end of the curve

September inflation at 8.2%

Issues around debt sustainability

The first half of 2022 was one of the most painful periods in living memory for financial markets.

UK base rate priced at 3.5% in one year

Time to reverse some positions

Declining macro outlook

Does not signal recession

Reached over 20%

Sky-high equity valuations and near historic low yields in fixed income has left fund managers looking elsewhere for returns.