Introduction

After a year or two of getting used to a liquid UK inflation market, pension funds have been thrust back to the bad old days of early 2006. Back then, a lack of inflation supply pushed the yield on the 50-year UK index-linked gilt to a record low of 0.38% on January 18, 2006. Pension schemes, under pressure from the UK Pensions Regulator to eliminate deficits, had piled into long-dated nominal and inflation-linked assets, helping to create a nasty supply-demand imbalance.

The same thing is ha

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