Sovereign borrowing costs have taken another lurch lower as more COVID-19 outbreaks threaten economic recovery, yet five months after the pandemic panic first hit, a divergence is opening up within four of the world's biggest bond markets.
LONDON - Sovereign borrowing costs have taken another lurch lower as more COVID-19 outbreaks threaten economic recovery, yet five months after the pandemic panic first hit, a divergence is opening up within four of the world’s biggest bond markets.
While yields across the developed world are near record lows, U.S. and British borrowing costs are falling faster than those in Europe or Japan, suggesting domestic economic conditions are playing a bigger role. “There is a fiscal component here as well, where the U.S. is still struggling to pass another fiscal bill... In Europe, for now furlough schemes are still in place, whilst the EU Recovery Fund passing also boosts hope for more spending in the years ahead.”
Their reluctance to extend an unemployment supplement scheme could also derail recovery from a recession that saw the economy contract an annualised 33% in the second quarter.
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