23 March 2020
Let’s face it, global rates and equities today are nowhere near where we generally thought they would be by the end of Q1 back at the start of the year. At the turn of 2020 the growing hope and assumption was that a gradual improvement in global growth conditions would fuel a modest uptick in yields during the year, albeit with monetary policy perhaps on hold through the year. BUT… COVID-19 has rapidly turned all such forecasts upside-down.
Simon Ballard, Chief Economist