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"Should the latter happen, it puts the Fed in an impossible situation given Ben Bernanke's pledges to keep interest rates low. I would highlight the Fed's policy U-turn back in 1994, which caused a 25 per cent drop in the gilt market, and see similar downside risk today." "It is clear we are several years away from a higher base rate and also that capital markets will remain highly volatile with substantial tail risk. This type of environment warrants low gilt yields, even if they have been pushed a little too far by recent safe haven flows." "In addition, while QE may ultimately have inflationary consequences, it can increasingly be seen as a monetary instrument to forestall any rise in yields, thereby enabling these lower levels to support consumption and investment."