Over the past 2 weeks we have seen a change in direction of long-term yields. the German Bund is more than double it’s level from 2 weeks ago, the UK 10 year Gilt is at a 5 month high, Spain and french yields are at 6.5 and 7.5 week highs respectively, and the Japanese 10 year is at the highest level in 5 months. Yes the actual percentage amounts are still very low but its the change in direction that matters.
Chris Temple and I discuss this new trend and assess how the central banks are playing a pivotal roll.
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