Domestic and International Fixed Income
After rising sharply in February, US Treasury yields continued to edge higher in March (prices fell), reflecting an improving outlook for the global economy due to the ongoing rollout of vaccines and the prospect of further significant fiscal stimulus in the US. At the end March, US President Biden announced a US$2.3 trillion “American Jobs Plan”. The plan focusses on infrastructure spending, spread over eight years, and is proposed to be funded by corporate tax increases spread over 15 years. This plan comes on top of a US$1.9 trillion relief package signed
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