The risks of deflation in the euro-zone, particularly in light of the ECB’s continued inaction last Thursday, should keep the yields on ten-year core euro-zone government bonds well below those on US...

On the face of it, “phase two” of the Monetary Policy Committee’s (MPC’s) forward guidance appears to have been a success. After all, yields have fallen since it was introduced. But upon closer...

If the crisis in Ukraine escalates further, the West seems more likely to impose limited financial sanctions against Russia than to target trade in goods, especially energy. Some Russian officials...

The crisis in Ukraine has the potential to have a further significant and prolonged impact on global financial markets, even though our current judgement is that the fallout is likely to be short...