The World Is Uneven
It was once said that the world is flat − a reference to the economic benefits of globalization that removed historical geographical barriers. That may have been true in a pre-credit-crunch world, but it is less so now. The common theme for global economies and market performance in 2010 is that stimulus and market support facilities will be removed. This is likely to be an uneven process globally and produce unsynchronized movements in rates and variable growth differentials; taking advantage of this will be a key source of revenues in 2010. The risks lie in the pace and degree at which this happens. The world is uneven.

Duration

Curve

Spreads

Volatility

Inflation