Interest rates: direction dilemmas


One of the less dramatic elements of the recent chaos in financial markets was the movement of interest rates. In a bid to head off the credit crisis, central banks across the world reduced their lending rates to record lows, reaching 0-0.25% in the US and 1% in the eurozone. In Japan, where the central bank rate has been kept low for many years, the level was maintained at a floor-scraping 0.1%.

As sentiment improved during last year’s slow recovery, structured product providers began to seek h

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