Fears that the US and other major economies are slowing sharply sent investors piling into the safety of government debt yesterday, pushing UK, German and US bond yields down to record lows.
Global equities and commodities like oil that move on expectations of growth prospects, also fell sharply. Investors sent the Japanese yen to a 15-year high against the dollar as investors exited risky currency trades.
Analysts say the moves reflected expectations that in order to stimulate global growth, central banks have to buy more government bonds and are in no position to tighten monetary policy until 2012 at the earliest.
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