Keynote speech by Mr Jaime Caruana, General Manager of the BIS, at the Crédit Agricole CIB Asset Managers Summit, London, 14 November 2016.
For asset managers, the appropriate interpretation of the signals coming from the bond market is a key call. In understanding low global bond yields, it is easy to overstate the influence of slow growth fundamentals and to understate the role of central bank actions and internal market dynamics.