Bond Outlook [by bridport & cie, June 6th 2007]
The current dominant theme so far as bond markets are concerned is that overnight interest rates are not moving in the USA, but are rising just about everywhere else. It seems unlikely that the ECB rise to 4% today will be the last. In addition, yields at long maturities are on the rise everywhere, including the USA. With yield curves gradually dis-inverting, long maturities are becoming less attractive, and we have accordingly shortened our recommendations in EUR and CHF. |
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