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Benign inflation justifies lower yields
Weekly investor research
09 October 2017
Inflation is still declining significantly across swathes of Emerging Markets (EM) local markets. This bodes well for bond returns. EM faces some headwinds in global markets, but these are likely to prove temporary. We think the US productivity problem is going to be difficult to resolve, because it seems to be strongly linked to a rising share of government debt in the US economy.