Bond Outlook [by bridport & cie, July 19th 2006]
Cast your mind back to the confusion of the emerging market sell off in the third week of May that was based on not a fig leaf of fundament. Closer examination led us to reason that the panic stemmed from two conflicting beliefs: global growth was slowly coming to a halt crushing commodities and future earnings, and the US was expanding too quickly driving inflation and providing the catalyst for further rate hikes. |
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