Caruana warns of yield curve 'global steepening'


Central banks must be alert to the risk of a "sudden rise" in term premiums in global bond markets as they seek to normalise their interest rates and balance sheets, according to Jaime Caruana, general manager of the Bank for International Settlements.

In advanced economies, central banks have lowered their benchmark interest rates to the zero lower bound and expanded their balance sheets to the point that they now hold $10 trillion worth of assets, more than double pre-crisis levels.


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