Weekly Market Commentary - 28 June 2024

Government bonds declined this week as evidence of sticky inflation caused investors to become less optimistic about interest rate cuts. Rising inflation in Australia and Canada caused those countries’ government bonds to fall in value and push up yields. US government bond yields also rose as some members of the Federal Reserve warned that upward pressure on inflation may prevent any rate cuts in the short term. In the UK, gilt yields increased as strong consumer spending and growth in the services sector added to reasons for the Bank of England to delay cutting rates.

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