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Cycle still a headwind for bonds

Cycle still a headwind for bonds

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Most long-term and some short-term interest rates have started to rise.

It is too soon to expect this to slow growth, even though some central bankers worry that it will. We advise investors to focus on the underlying cause of monetary normalisation: developed economies are in better shape than feared. This is good news for (inexpensive) stocks, but not for (still-dear) bonds.

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