Despite this upward movement in rates, the inflation-adjusted yield on long-term bonds rose only marginally because of the rise in overall consumer price inflation, excluding mortgage interest costs, as measured for metropolitan and other urban areas, the so-called CPIX (mu). 1  BIS Review 40/2000  Trading activity on the Bond Exchange of South Africa was boosted by the uncertainty in the market.
In the spirit of a research seminar, my aim today is to outline some issues that call for further research – both inside policy institutions (including central banks) and in academia. These secular forces are intertwined.