A Probable rebound for the long-term rates in 2021. Increase in the relative attractiveness of the U.S. market. Inflationary risks underestimated. Beware of risk premiums and durations.

Key points

• A bearish beginning of the year for the interest rate markets under the influence of the US Treasury
• Unanticipated but probable rebound in long-term rates in 2021
• The rise in long-term rates increases the relative attractiveness of the US bond market
• How far can risk premiums decline in the Eurozone?
• An uncertain situation in the United Kingdom
• Japan’s deflationary rates stabilized
• Bond investment policy focused on quality and short maturities

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