http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2012-01-17.htmlReview International yields have in general declined. The 3yr ECB liquidity tender has flooded markets with liquidity, leading to some relief over the past month. Periphery bonds have seen strong performance and bond auctions so far went well this year. The corporate issuance window has reopened causing tighter swap spreads. In Europe the decline in rates has been much in line with our forecasts and we have reached our 3M forecasts on German Bunds and 10yr EUR swap rates. The S&P downgradeTue, 17 Jan 2012 13:20:30 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2012-01-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-12-15.htmlReview Sentiment remains nervous and fresh data out of Europe indicate that the eurozone is heading for recession over the winter. Meanwhile, US data has continued to surprise positively, signalling decent growth going into 2012.  EU policymakers are behind the curve and the long string of EU summits only brings very slow progress on the euro debt crisis. Periphery bond yields are not coming down, while German bond yields are range bound. In a coordinated action led by the US Fed, theThu, 15 Dec 2011 14:22:54 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-12-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-11-16.htmlReview Sentiment has remained very nervous over the past month. The EU summit package agreed in late October has so far failed to stabilise the markets. Periphery bond yields have risen further, while German and Danish bond yields have reached new lows. The ECB cut its key rates by 25bp in November. Mario Draghi highlighted significant downside risks to economic growth and abating inflation pressures. The ECB com-munication softened further over the past week. Meanwhile, US economic data hasWed, 16 Nov 2011 13:17:55 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-11-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-10-14.htmlReview Major central banks have opened for additional monetary stimuli over the past month to ease market tensions. The US Fed is twisting its holdings of US treasuries toward longer maturities, the Bank of England is undergoing more quantitative easing and the ECB reintroduced 12-month tenders and reopened the covered bond programme. International yields have moved higher in recent weeks, driven by an improvement of market sentiment. The optimism in the market still hinges on the EuropeanFri, 14 Oct 2011 12:07:12 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-10-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-09-15.htmlReview Bond bond yields in both the US and Germany have declined further to record lows. Stress in global financial markets has intensified and the growth outlook remains dire, despite some signs of stabilisation in the US and Asia. Financial stress in Europe is, on many measures, higher than during the financial crisis. Growth indicators are flirting with recessionary levels and the near-term risk is very high. An additional financial crisis in Europe is the main risk to the outlook. TheThu, 15 Sep 2011 12:06:34 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-09-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-08-16.htmlReview The global financial markets have been hit by a nasty cocktail of worsening macrodata and rising discontent among policymakers in the US and Europe, which in turn has pushed down international yields. Hence, our call for a gradual rise in yields over the past couple of months proved wrong. In Europe and the US safe-haven flows have dominated as the euro debt crisis has spread to Italy and Spain. The ECB is now supporting government bond markets in an attempt to stop contagion. ItalianTue, 16 Aug 2011 13:10:28 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-08-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-06-15.htmlReview Global yields continued to decline over the past month due to increasing uncertainties regarding the global recovery. The latest disappointments were seen in the release of the US ISM manufacturing and labour market reports. In Europe final PMIs have been revised lower indicating slowing in Q2. Global PMI new orders have seen a noticeable drop to the the lowest level since Q4 09. In Europe focus remains on the Greek debt crisis, which is likely to have contributed to the decline inWed, 15 Jun 2011 14:51:09 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-06-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-05-13.htmlReview Global yields declined over the past month. The decline was led by US and UK markets as economic data deteriorated, increasing uncertainty regarding recoveries.  Two-year swap rates are down some 30bp in the US and the UK, while they have fallen some 15bp in Europe and Scandinavia. 2-10 curves flattened from the long-end except for the UK. In the European market, focus remains on Greek debt sustainability. Safe haven flows into core European fixed income markets have pushed moneyFri, 13 May 2011 14:50:19 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-05-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-04-15.htmlReview  Global yields have increased over the past month as fears that the tragic earthquake in Japan would have a significant impact on the global economy have faded. Consequently risk appetite has improved and commodity prices have rallied to new cyclical highs, which has spurred increasing inflation concerns across the border.  Money market curves have steepened as rate hike expectations have increased. This is especially notable in the eurozone markets, whereas Bank of England‟sFri, 15 Apr 2011 17:42:26 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-04-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-03-15.htmlInternational rates The ECB and Bank of England are warming up for hikes. ECB is set to hike rates at the April meeting, while the BoE is forecasted to start the hiking cycle in August. The Fed will be among the last central banks to hike, with unchanged rates until mid 2012. Generally, we expect higher global rates and flatter curves as central bank tightening moves closer. The flattening trend is expected sto be strongest in EUR, where rates will also rise more across the curve relative toTue, 15 Mar 2011 12:22:26 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-03-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-03-07.htmlECB surprisingly hawkish The ECB took the market by surprise by stepping up its rhetoric at last week’s meeting. Trichet used the famous wording ‘strong vigilance’ and ‘upside risks’ to signal that a first rate hike is imminent. The markets reacted strongly, sending rates up. Given this significant change in rhetoric and monetary stance we are publishing an interim yield forecast update. Next Tuesday (15 March), the usual yield forecast will be published. Eurozone We expect the ECB to deliverMon, 07 Mar 2011 20:11:47 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-03-07.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-02-15.htmlRecent market developments Yields have increased sharply over the past month ago on back of strong macro indicators and rising commodity prices. In Europe, we expected rising yields a month ago, but the yield increases have outpaced our expectations. In the US, we expected yields to decline slightly, but yields have moved in the opposite direction. US We do not expect the fed funds rate to be hiked until June 2012. Markets are pricing the first hike in January 2012, looking for fed funds atTue, 15 Feb 2011 17:46:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-02-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-01-14.htmlRecent market developments After falling up to the new year, German and Danish 2Y yields have rebounded recently and are now running close to a 12-month high. Yields have mainly been driven upwards by higher inflation after the ECB voiced concerns about inflation developments. Another contributing factor has been the ECB’s buybacks of government bonds from southern European countries and Ireland, as the PIIGS markets have again calmed a little. US, German and Danish long yields haveFri, 14 Jan 2011 13:20:32 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2011-01-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-12-15.htmlKey points • The Federal Reserve is not ex-pected to further expand its Treasury buyback programme. However, no rate hikes are ex-pected until the end of H1 2012. • The ECB has extended its full li-quidity allotments until 12 April 2011. We expect the first rate hike at the end of 2011. • Recent yield increases look somewhat overdone. Yields are generally expected to fall a little in the coming months and then to gradually increase in 6-12M. • Danish bond yields expected to move higher withWed, 15 Dec 2010 15:53:04 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-12-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-11-15.htmlUS central bank not expected to extend its Treasury buyback programme further. However, rate hikes are not expected until late H1 2012. ECB set to extend its extraordinary liquidity allocations through Q1 2011. We expect the first rate hike from the ECB in late 2011. Yields have bottomed out, but the recent rise seems somewhat overdone. We expect the market will range trade in coming months, with room for lower yields going into year-end. Yields will rise gradually in 2011 as the economicMon, 15 Nov 2010 15:45:43 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-11-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-10-15.htmlRecent market movements The European bond market has been mixed over the past month. Short rates have risen slightly due to the sharp drop in surplus liquidity in the European money market as the banks’ appetite for borrowing from the ECB waned. The resultant increase in money market rates has pushed yields higher all the way out to the 5-year point on the curve. In contrast, long yields have declined – largely as a result of cross-Atlantic contagion. Still mixed economic data and risingFri, 15 Oct 2010 12:14:28 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-10-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-09-15.htmlRecent market movements Bond yields are trading roughly in line with the forecast we released a month ago. However, this hides a decline in the second half of August which has reversed in September. Changes in the market’s perception of double dip risks have been the key driver of yield movements. As such, the yield increase in recent weeks has been driven by slightly better indicators out of the US and Asia. Also, fluctuating demand from the European L&P industry has exacerbated yieldWed, 15 Sep 2010 12:02:38 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-09-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-08-13.htmlRecent market movements Solid Q2 earnings reports and receding fears of a Southern European debt meltdown triggered a rally in risky assets and Southern European debt markets in July. However, equity and bond markets decoupled. While equities advanced, the yield on the US 10-year government bond continued to test new lows, and the yield curve has flattened. In recent weeks the disappointing flow of US and Chinese economic data has accelerated the decline in bond yields on both sides of theFri, 13 Aug 2010 12:16:21 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-08-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-06-15.htmlRecent market movements The turmoil surrounding the European debt situation remains the primary driving force in the markets. The past month has seen a further decline in risk appetite, which has boosted demand for government bonds and has caused yields to fall to record lows in both Denmark and Germany. Despite relatively solid global economic data, US yields have also fallen but remain above the lows reached in December 2008. As short rates were already very low, the decline in yields hasTue, 15 Jun 2010 12:37:08 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-06-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-05-12.htmlRecent market developments The main driver of bond yields recently has been the development in the Euroland debt crisis. The escalation of the crisis led to lower bond yields globally as risk appetite fell significantly. The EU rescue package surprised on the upside and led to a return of risk appetite. But the ECB purchase programme and extension of the long term tenders with unlimited liquidity reduces fair value estimates of German bond yields and hence the subsequent sell off has beenWed, 12 May 2010 10:06:02 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-05-12.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-04-15.htmlRecent market developments Generally, economic data continue to indicate a sustainable economic recovery with relatively robust global growth. The US and Asia are leading the way, while data from the eurozone remain slightly disappointing. Still, confidence indicators for manufacturing industry remain solid, especially regarding export orders, and growth could accelerate again in coming months – particularly in Germany. Greek woes are still a market issue, not least due to the significantThu, 15 Apr 2010 18:11:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-04-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-03-15.htmlLatest market developments Generally speaking the economic data continue to point to a sustainable economic turnaround with relatively robust global growth. The US and Asia are leading the way, while the data out of Euroland have been a bit of a letdown lately. That said, confidence indicators for the manufacturing sector remain solid, especially with respect to export orders, and growth may well accelerate again in the coming months. The problems in Greece are beginning to slip off radarMon, 15 Mar 2010 11:17:19 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-03-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-02-15.htmlLatest market developments Generally speaking the economic data continue to point to a sustainable economic turnaround with relatively robust global growth. The US and Asia are leading the way, while the data out of Euroland have been a bit of a letdown lately. However, despite strong growth at the beginning of the year, the slightly disappointing US labour market report and unimpressive weekly job numbers have stoked renewed market uncertainty as to the sustainability of the upswing. This,Mon, 15 Feb 2010 13:40:55 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-02-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-01-15.htmlRecent market developments Economic data has been mixed over the past month but generally points to a sustained recovery in the world economy. Asia continues to look very strong with Chinese data in particular surprising on the upside while November data in Euroland has been on the soft side. In the US, recent indicators continue to point to a stabilisation in the labour market and strong growth momentum going into 2010 although a temporary setback in the housing market is likely in the comingFri, 15 Jan 2010 13:08:26 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2010-01-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-12-15.htmlRecent market developments Economic data generally point toward a continued recovery in the world economy. Im-portantly, recent indicators from the US labour market and consumers have been encour-aging. Equities have touched new 2009 highs. The recovery in credit markets has lost some steam, but given the significant improvement over the past six to nine months, this is not a matter of concern. Euroland short yields have remained unchanged over the past month, despite some hawk-ish signalsTue, 15 Dec 2009 15:26:35 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-12-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-11-13.htmlRecent market developments Although economic data are no longer surprising as strongly on the upside as previously, they have generally pointed towards continued recovery in the world economy and accelerating growth rates towards the end of the year, as witnessed by the strong reporting season. Equity prices have almost rebounded to their 2009 highs, following a negative correction a couple of weeks ago. The recovery in credit markets has lost momentum, but this is not a matter of concern,Fri, 13 Nov 2009 10:49:30 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-11-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-10-15.v02.htmlRecent market developments  Although economic data has been more mixed of lately the picture have on balance continued to improve. In the financial markets equity markets have reached new year-highs and a credit and money markets have improved further. Even so, bond yields have continued to drift lower on a mix of unusual conditions. Firstly, central banks remain very dovish and does not signal any imminent rate hikes. Secondly, although there are signs, that the recovery has got moreThu, 15 Oct 2009 21:15:34 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-10-15.v02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-09-15.htmlRecent market developments Despite the continuing stream of good economic news, yields have continued to fall in the past month. There are three main reasons: 1. Central bank rhetoric remains very soft, and certainly does not signal imminent interest rate hikes at the moment. 2. It is the “wrong” economic data that are surprising. Many still have the opinion that the current economic recovery will not lead to a sustained upswing – and as long as there is no decent growth in US jobs andTue, 15 Sep 2009 13:10:54 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-09-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-08-14.htmlRecent market developments Yields have climbed over the summer months after falling in the latter half of June and they are now running close to their 2009 highs. Economic data have continued to surprise on the upside and a number of major European economies, as well as the US, have now put the recession behind them. Meanwhile, the financial markets have continued to recover. Stock markets have surged to record highs for 2009 and credit spreads in many markets have narrowed to levels seenFri, 14 Aug 2009 14:23:19 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-08-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-06-15.htmlRecent market developments Long yields in both the US and Germany have moved up sharply over the past month. Economic news has surprised on the upside, and it is becoming increasingly evident that the worst of the economic downturn is probably behind us. Meanwhile, stock markets have risen and so has risk appetite on financial markets. Most recently, there has been speculation about potential rate hikes from the Federal Reserve (Fed) over the coming quarters. The market currently expects theMon, 15 Jun 2009 12:46:14 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-06-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-05-15.htmlRecent market developments Long yields in both the US and Germany have moved upward over the past month. Economic news has been encouraging, with clear bright spots – especially in Asia, but also in the US and the eurozone. We may have put the worst of the economic downturn behind us. Meanwhile, stock markets have increased, so the failure of the Federal Reserve to announce any new measures at its latest policy meeting prepared the ground for higher yields. US long yields are now running wellFri, 15 May 2009 10:28:48 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-05-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-04-15.htmlRecent market developments Long yields in both the US and Germany are more or less unchanged from a month ago, but they have certainly not been stable during the past month. The US central bank, the Fed, prompted a sharp downturn in yields when it announced, at its policy meeting on 18 March, that it would be buying Treasuries. However, US long yields have almost recouped the lost ground since then on a combination of good economic news, positive statements from the financial industry,Wed, 15 Apr 2009 12:10:43 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-04-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-03-13.htmlRecent market developments: US long-term yields are broadly unchanged from last month, while yields in the eurozone have declined. Renewed fears about the difficulties facing the financial industry and, not least, Central and Eastern Europe (CEE) have further dented risk appetite. In US fixed income markets, this has been offset by concern about the very large supply of Treasuries. Meanwhile, the ECB has continued easing monetary policy in the eurozone, which, together with the eurozone'sFri, 13 Mar 2009 10:58:49 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-03-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-02-13.htmlRecent market developments: Sentiment has changed in the direction of higher rates and yields in recent weeks. The main reasons are (1) the weakening of leading economic indicators has ended; (2) fiscal policies are very expansionary - not least, in the US; (3) a massive supply of government bonds is on the cards; and (4) the Federal Reserve did not step up its quantitative easing measures at the January policy meeting. The last point was broadly viewed as the Fed's implicit acceptance ofFri, 13 Feb 2009 15:28:06 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-02-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-01-16.htmlLatest market developments : After a brief period of post-Christmas cheer, gloom has once again de-scended on equity markets. This together with a steady stream of bad news and falling inflation has sent both US and European yields down once more. Macro outlook : The US economy is still in free-fall. The breakdown of the credit market, tumbling equities and still falling house prices combined with rapidly rising unemployment have send the economy spiralling down. GDP fell sharply in Q4 08, andFri, 16 Jan 2009 09:51:08 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2009-01-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-12-15.htmlLatest market developments : The slide in both US and European yields has continued in the past month, although Euroland yields have mostly moved sideways in recent weeks. The decline comes in the wake of rapid deterioration in economic news, mounting credit problems and plummeting inflation. Day-to-day fluctuations remain extreme, and at the long end of the curve in particular uncertainty is high. Macro outlook: The US economy is currently in sharp recession. The growing credit crisis andMon, 15 Dec 2008 10:14:30 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-12-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-11-21.htmlLatest market developments: Given the very bleak economic news lately, we have decided to revise our forecast for the ECB, which is now expected to ease more aggressively in the coming months (see Flash Comment Euroland: Very weak PMI should spur ECB to cut rates dramatically). This also means new esti-mates for long yields. Movements on the equity market often set the agenda for the fixed income market, and the combination of falling equity prices and bleak economic news has added extraFri, 21 Nov 2008 15:21:55 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-11-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-11-14.htmlLatest market developments: The nature of the crisis has changed from fears of a systemic financial col-lapse to concern about a global recession. Yields have continued plummeting, and monetary policy has been eased. The economic outlook is bleak, with both the US and euro-zone economies mired in recession. Stock market fluctuations often set the agenda for fixed income markets at the moment. Macro outlook: The US economy has been hit by a sharp tightening of credit to both households andFri, 14 Nov 2008 09:26:47 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-11-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-10-15.htmlLatest market developments: Western governments have effected major rescue actions in recent weeks to ease the credit crisis and stabilise the markets. Signs are already emerging that the measures are having the desired effect, and we expect to see a significant improvement in the money and credit mar-kets in the coming months. Despite this, a recession in Europe and US now seems unavoidable, in our view. Together with the sharp fall in commodity prices, this will open the door to furtherWed, 15 Oct 2008 09:35:07 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-10-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-09-15.htmlRecent market developments: The financial market crisis has flared up again. Last week, the US govern-ment had to bail out mortgage giants Fannie Mae and Freddie Mac, and the large US investment banks are in deep trouble. The economic outlook is still very gloomy, though the price of oil has fallen significantly. Consequently, yields have generally declined during the past week. However, market expectations on euro-zone monetary policy have remained more or less unchanged owing to the ECB'sMon, 15 Sep 2008 09:00:55 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/new-yield-forecasts/2008-09-15.html