„  Overview: Global rates to trend slightly higher in 2010
We expect global rates to trend slightly higher in 2010, helped by the pressure of
heavy bond supply and fiscal sustainability concerns, which will keep many
curves steeper than implied by their forwards, as central banks wait until the
recovery is evident before embarking on rate hikes. Yet we do not expect rate
increases to be massive as we think output gaps will keep inflation subdued for
quite some time.