BIS Quarterly Review, December 2022
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Key takeaways
• Investors stayed focused on central banks’ inflation fight and on growth risks. After rising amid poor liquidity, core yields pulled back and the US dollar weakened from historical highs as inflation slowed.
• Equities experienced bouts of elevated volatility and proved particularly sensitive to the monetary policy outlook. Corporate bond spreads remained wide in Europe, and issuance contracted overall.
• EMEs generally appeared resilient, although weakness in China spilled over to trading partners. The real estate sector weighed on China’s growth outlook but was supported by policy.
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