Professional Documents
Culture Documents
Week 8
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Nov 22
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29
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nflation remains elevated, and we forecast that it's going to rise further, said TomohisaFujiki, an interest-
rate strategist at BNP Paribas Securities Japan Ltd. in Tokyo. BNP's U.S. unit is one of the 20 primary
dealers that trade directly with the Federal Reserve. "Growth should pick up next year, and yields will go
up.
Demand will come from banks, insurance companies and from pension funds which are still massively
underexposed to Treasuries, Stuart Thomson, a fixed-income fund manager in Glasgow at gnis Asset
Management, which oversees 75 billion pounds ($118 billion), said in an Oct. 12 telephone interview..
Treasuries gained, pushing 10-year yields down from the highest level in seven weeks, as
concern Europe may take longer to contain its sovereign debt turmoil boosted demand for the safest
assets.
The market will stay very schizophrenic until there is a real concrete plan in hand in Europe, said Adrian
Miller, fixed-income strategist at Miller Tabak Roberts Securities LL in New York. "The negative risk
sentiment tied to Europe is dominating everything and driving Treasuries higher. Expectations of a
resolution have been far overblown.