Bond Outlook [by bridport & cie, April 9th 2008]
Last week we had to resist being carried away by what we judged as excessive optimism that the credit crisis was nearly over, when, as we explained last week, what was really happening was a reaction to confidence that central banks would rescue any bank in trouble. This week the situation is more subtle. The euphoria is over, but there is no collapse in credit or equity markets. |
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