Bond Outlook July 15 2009

When the recession first struck, those, including ourselves, who had hoped for a degree of decoupling of the global economy from the USA were the subject of scepticism. This is no longer so. While for the USA “recovery” will be scarcely more than a halt in fall of GDP, for the rest of the world, real growth is already underway in Asia, Latin America and southern Africa, and in sight for Europe.