Dagelijkse update over de markten vanuit KBL European Private Bankers (Engels)

InsingerGilissen, 26 NOV 2019

The 1-year term premium, i.e. the difference between the 10-year benchmark bond’s yield and the expectations of the riskfreerate over the life of that bond, has recently turned negativein Japan, the US and in Germany. Hence, the compensationinvestors require for holding a long-term bond compared torolling over a series of very short-term bonds has dwindled andhas even turned negative. In the past that was very unusual. Andit has to be linked to the markets’ views on three variables,forward GDP growth, inflation and monetary policy.

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