Blue Bay Chief Investment Officer Mark Dowding said in a report that investors can be very confident that Federal Reserve Chairman Kevin Walsh will want to send a signal of austerity and do everything possible to strengthen his anti-inflation reputation, even though he is not taking any real action yet. “This may temporarily further flatten the US yield curve,” he said. Dowding said, however, against the backdrop of the continued deterioration of the US fiscal situation and rising costs of US President Trump's war in the Middle East, this may eventually become a factor causing the curve to become steeper again at some point in the future.

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