Burnham’s Gilt market luck may already have run out
While recent economic data in the UK have painted a fairly favourable picture for the new Prime Minister, the resurgence of energy prices and upwards pressure on long-term government bond yields globally is undermining his initial good fortune on the Gilt market front. We continue to think that the UK’s underlying economic backdrop points to lower Gilt yields, but the risks skew ever more towards yields staying high.
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