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A reverse indicator - bonds are cheap when the yellow line is low, but prices don't necessarily rise. The orange line shows our year on year projections.

Visitor: The yield curve is often discussed. Do you analyse that?

RouteMaster: Indeed. We have another type of chart that looks into the Yield Curve. Please note that as an indication of bond price movements we take the reciprocal of ten year government bonds yields. This will exaggerate the performance of an actual bond portfolio which may be spread across the time spectrum including shorter les volatile maturities, but it will show the direction.

Incidentally we could show you several other types of investment strategy for the same country, where everything would be the same except the explanatory variable. This is part of our strategy to make complex analysis easily visualised by letting you see the same information in the same place as each new chart overlays the last one.

The chart currently suggests that consensus expectations are that the ratio will turn down from the top of a trading range. This is bullish and to make it easier to understand, we have inverted the scale, so that higher means richer consistently in all our charts.