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By Madeleine KING, Co-Head of Global Investment Grade Research at LGIM
The rising rate environment has claimed its first scalps; what other vulnerabilities could be exposed?
The end to one of the most benign monetary policy environments in decades was never going to be easy for financial markets. As well as impacting security valuations, these conditions also feed through to the fundamentals of the companies in which we invest, which must navigate both a fast-changing rates environment and a world we believe is heading into recession. The recent banking stress has been the most visible consequence, but the banks are far from alone in feeling the pressures of this challenging backdrop.
Are we in the...
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