Nobody likes to begin the New Year with a hangover. But for all that we like to believe you can wipe the slate clean on January 1, the truth, at least for the markets, is that the themes of the previous year persist. The stress points that are currently evident are likely to continue exerting their effects in 2005.
Foremost among those stress points is the imbalance in the global economy that is finding expression in the US dollar’s depreciation. While corporate bond investors can look favourabl