Bond Outlook [by bridport & cie, October 28th 2009]
The sense is growing that the recovery is totally dependent on artificially low interest rates and explicit government subsidies, along with the fear or expectation that the end of quantitative easing (QE) will mean inflation. Discontinuing QE will put deficit governments in direct competition with the private sector in the bond market. The last few days have seen both US Government borrowing and new corporate bond issues move to longer maturities. |
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