Trying to gauge the state of the current global macro cycle has been a subject of much debate, resulting in different views and thus different market expectations for the year ahead.
Debt levels remain high and are negatively impacted by rising bond yields, especially for investors or holders of debt and in terms of the cost of borrowing. Negative yielding debt has been shrinking on the back of rising bond yields, notably government or sovereign debt. Rising interest rates add to issues that markets must contend with, in addition to the continued uncertainty of the pandemic.
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