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		</div><p>The past week has seen much turbulence on financial markets. Equity markets came under severe selling pressure, with Wall Street suffering a fall of over 3% on last Tuesday alone.</p>
<p>However, the stress has not just been confined to stocks.<br />
Oil prices experienced further falls, while credit spreads widened sharply.</p>
<p>At the same time, sovereign bonds benefitted from safe-haven appeal, resulting in marked declines in yields as funds flowed into this market. The yield on 10 year US Treasury bonds has fallen by over 20 basis points in the past week, declining to below 2.85%.</p>
<p>Even more noteworthy, the US yield curve has started to invert. And an inverted yield curve has tended to be a forerunner to a downturn in the US economy. However, underlying economic fundamentals, including the labour market, remain strong in the US.</p>
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