COMMENT:

Even the very unobservant know that the outlook for the global economy has gone a bit pear-shaped since about the end of last year.

US-China trade tensions and new types of geo-political risk, including now the potential for a war in the Middle East between Iran and Saudi Arabia, have done nothing for global business confidence.

What the average punter – by whom I mean me – hasn't noticed so forcefully is the huge impact of all this on global bond yields in recent months. One-year US Treasury bonds rates may already have been very low last November when

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