Looking ahead, Ms McGuckin believes that interest rate markets will continue to grind higher as economic recovery in the US becomes established, though she thinks recovery in Europe is at an earlier stage, probably a couple of years behind the US.
“We are in an incredibly consensus market,” she comments. “So we will probably have some periods of surprises this year, but at the moment it’s impossible to really see where those potholes might come from.”
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Alison Warner is a freelance journalist
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