In the past, long-term interest rates and volatility remained at low levels. However, since the introduction of QQE, some market participants have promptly adopted new investment strategies by taking into account the possibility of future inflation, while others have taken a wait-and-see attitude, and these divergent strategies and attitudes appear to be reflected on the movements of long-term interest rates.
That has likewise been the case in the past six months: •  in the economic setting, it has transpired that - contrary to some fears expressed during the past year - the US economy continues to be marked by an exceptionally buoyant growth process.