30
Apr
Bonds markets still relatively unaffected by US interest rates at 3%
Higher expected inflation in the USA. Warning on the interest rate markets. The European cycle is still hesitating. Confederation yields finally settle above zero.
Key points
- US Treasury long rates above 3%
- Gradual rise in expected inflation
- Reversal of the long-term rate cycle in the euro area
- British long-term rate at 2%
- Still no prospect for the Japanese market
- Focus on short maturities and take a cautious stance on peripheral debtors
- Normalization Swiss long-term rates begins
- Steepening of the yield curve continues
- Inflation reaches its highest level since March 2011
- Focus on quality and short maturities
