What happens next?

Ajay Rajadhyaksha is director and head of US fixed income strategy at Barclays Capital, based in New York. He is responsible for the firm's research covering treasuries, agencies, treasury inflation-protected securities (Tips), fixed income derivatives and mortgages.

He joined Barclays Capital in July 2005 as a senior mortgage strategist. He also spent several years at Bear Stearns, where he worked in mortgage strategy before heading the interest rate derivatives strategy team. Here he tells Mort

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