As a consequence, the Treasury yield curve has become inverted – that is, long-term rates have been lower than short-term rates, another historically unusual pattern. Developments in global capital markets have contributed significantly to these outcomes.
BIS Review 13/2009  3  Admittedly, we are not immune to what is happening around the world, but there are insulations, cushions, buffers that can serve the Philippine economy in good stead in this challenging period. Let me provide some details on these buffers. Output growth has continued at a respectable pace and it continues to be demand-driven.