Why the UK bond crisis could be just the start
The IMF is warning about potential liquidity risks in the world’s $64 trillion of managed funds. Like James Bond’s vodka martini, we have been shaken, we should be stirred.
London | A week after Britain narrowly escaped a meltdown in its gilt market, the question is whether bonds, and global financial markets more generally, were not just shaken but also stirred.
Was this just a weird niche problem in the hedging strategies of defined-benefit pension schemes? Or is there something deeper, something structural, we should be really worried about?
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