The global bond market enjoyed a powerful rally on Wednesday as investors bet that Christine Lagarde’s nomination to be the next president of the European Central Bank will extend an era of ultra-loose monetary policy in the eurozone.
Bond prices have been on a tear since late last year as, one by one, central banks have indicated concern about the global economy and switched to a more dovish stance.
Outgoing ECB boss Mario Draghi is readying interest rate cuts and a revival of the bank’s bond-buying quantitative easing programme, while the US Federal Reserve is also set to trim rates this summer, at least according to derivatives traders.
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