Germany will probably continue to provide temporary support for troubled euro-zone countries but retain an emphasis on austerity after its election later this month. This should minimise the demand...

One criticism levelled at Robert Shiller’s cyclically-adjusted price/earnings ratio (CAPE) is that – for the S&P 500 at least – the denominator has been depressed by accounting changes. This has led...

The MPC’s commitment to keep interest rates on hold has failed to prevent the yield on 10-year Gilts rising by more than that on US Treasuries. But we think the difference in monetary policy prospects...

The surge in the yields of US Treasuries since May has been mirrored, to varying degrees, in most other advanced economies. In contrast, the yields of Japanese government bonds (JGBs) have decoupled...