What central bankers won't admit
Jim Leaviss, global macro bond fund manager at M&G, thinks bond markets have changed for ever. Developed world central bankers have no option but to keep yields lower than inflation, he says, but they dare not admit it. As such, inflation linked assets are a good choice and remain underpriced. Likewise, high yield bonds are actually at far lower risk of default than they seem and are also a good bet.