11 Jan – 15 Jan 2016

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After a short steepening of the yield curve around the end of the 2015 which was potentially driven by liquidity or end-of-year portfolio positioning, the yield curve resumed its flattening trend as yields at the short end fell more than those at the long end. Growing uncertainty in equity and commodity markets saw yields fall across the board. The 3y/10y bond spread fell by 1 point to 77bps as 3 year yields fell 8 bps and 10 year yields fell 9bps. The spread is back below the 80bps and 90bps in which the 3y/10y bond spread has ranged since mid-August and is comparable with spreads seen in early May.

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