Government borrowing costs tumbled yesterday as the spectre of exceptionally low inflation, driven downwards by the collapse in oil prices, loomed larger over advanced world economies.
Yields on government bonds — which move inversely with prices — fell across Europe amid mounting scepticism about the ability of central banks to lift inflation in the face of crude oil’s continuing decline.
The falling yields also reflected a growing conviction among investors that central banks will delay still further any official interest rate increases.
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