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OppenheimerFundsVoice: Why Developed Market Debt Has Become More Attractive

Since May, interest rates around the world have generally risen, led by the U.S. and its Federal Reserve initiating a discussion on tapering its asset purchases. We continue to believe that the Fed will not actually begin hiking its policy rate until 2015, but the potential for tapering can be viewed as the first step in a process of transitioning monetary policy from easing to tightening. While economic data in the U.S. shows that its economy is on more positive ground than it has been since 2008, I believe that the scale and pace of the rise in rates in other developed markets is unjustified given the economic positions of many of those nations’ economies. I believe that this has the potential to provide attractive opportunities within developed market debt.