Oliver Brennan, senior macro strategist at TS Lombard, notes that correlations between markets accounted for less than half of the variability in developed-market bonds before quantitative easing began. The figure rose above 70 per cent this year. With QE poised to reach a tipping point late next year, Mr Brennan echoes many other investors and observers with his concern that bond-market volatility could resurface. Good news if you like break-out trading themes. Less good if you like dull predictability.
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