Bond Outlook [by bridport & cie, June 21st 2006]
The question that we raised last week remains fundamental to investor strategy in fixed income: are equity markets at the beginning of an extended bear phase or not? Our supposition is that they are, from which we draw the conclusion that long-term bond yields will rise but little, and a degree of barbelling is appropriate as central banks continue to raise rates. Indeed, it is the continued removal of liquidity throughout the world that is the cause of the flight to safety. |
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