Bond Outlook [by bridport & cie, September 7th 2005]
“Not as bad as it might have been”, then “much worse than we thought”, now “recovery well underway”; thus has opinion about the economic impact of Katrina swung back and forth this last week, reflected faithfully by the exchange rate of the USD, the performance of the stock markets and the price of bonds. 10 year yields are now back to exactly where they were before Katrina, but with the whole curve pivoted anti-clockwise around the 10 year point. |
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