UK interest rate expectations and government bond yields have continued to fall over the last month, predominantly reflecting the continued flow of weak data on the UK’s economic recovery. Rate expectations and bond yields have also fallen in the US and euro-zone, but the drops have been more pronounced in the UK. Meanwhile, UK equities have fallen further over the last month, maintaining their underperformance relative to most other developed market indices, again as a result of the very weak domestic news on the economic recovery.
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