Markets caught in cross-currents
Markets were pulled in different directions during the period under review. Long-term government bond yields in core markets rose despite easing monetary policies, tightening financial conditions. In contrast, corporate credit remained buoyant, equity valuations stayed elevated and US dollar appreciation halted. This resulted in easier conditions despite the uncertain outlook, which seemed not fully priced in financial markets. Sentiment towards emerging market economies (EMEs) remained subdued, as investors struggled to ascertain their outlook amid diverse domestic conditions and global policy uncertainty.
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Media briefing on the BIS Quarterly Review, March 2025
Hyun Song Shin summarises the March 2025 BIS Quarterly Review and, along with Gaston Gelos and Frank Smets, answers journalists' questions about market developments, the state of the global economy and fiscal policy. Read more here.
The views expressed here do not necessarily reflect the views of the BIS member central banks.