The collapse in the U.S. 10‐year yield back to 2.34% (within range of the year‐to‐date low of 2.30%) and the flatiening of the U.S. yield curve (10yr‐2yrs down to 1.84%) speaks volumes on how the growth outlook is shifting. The IMF added to the pressure yesterday, downgrading its outlook for world growth down 3.3%, flat to 2013 andbelow world growth of 3.4% in 2012; with major downward revisions to Europe, Japan and Latin America.
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