Bond Outlook [by bridport & cie, October 14th 2009]
The search for yield versus a flight to quality; that is the choice facing fixed-income investors, and there can be no doubt that the former has been the more successful in recent months. It is a situation that cannot last indefinitely but probably has some months of life left in it. The turning point will probably correspond to the shift that we expect from a deflationary to an inflationary environment, or at least to yield-curve steepening. |
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