Key fixed interest themes in November
Familiar themes remained in global fixed interest markets through November. The US Federal Reserve's Quantitative Easing (QE) program continued to cap global long-term interest rates, for now. Looking forward, markets are focused on how the new administration will deal with the so-called 'US fiscal cliff'. While we believe a 'Muddle Through' is the most likely outcome, the fear of going 'Over the Cliff' has already created some volatility heading into the New Year.
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