ISMS 14: Regional Interest Rates - Low in Asia, Egypt and Frontiers on Fire

<h2><strong>Developed Market Regions - ST rates about to peak, LT rates are falling, inverted yield curve in DM Americas and Europe widened</strong></h2><h3><strong>Interest rate overview</strong></h3><ul><li>DM Americas 3m yield 4.8%,&nbsp;DM Europe 3%,&nbsp;DM Pacific much lower at 1.1%</li><li>DM Americas 1yr yield 4.6%,&nbsp;DM Europe 2.8%,&nbsp;DM Pacific same as 3m yield at 1.1%</li><li>DM Americas 10yr yield 3.5%,&nbsp;DM Europe 2.9%,&nbsp;DM Pacific 1.4% is higher than 3m and 1yr yield, normal yield curve</li></ul><br/><h3><strong>Year-on-year changes</strong></h3><ul><li><strong>Biggest rise of 3m yield in Developed America</strong></li><li>World 3m yield was up 3.2ppts, DM Americas up 4.3ppts, DM Europe up 3.3ppts, DM Pacific up 1.1ppts</li><li><strong>Following 3m yield, 1yr yield YoY changes were most prominent in DM Americas and DM Europe</strong></li><li>World 1yr yield was up 1.9ppts, DM Americas up 3ppts, DM Europe up 2.9ppts, DM Pacific up 0.8ppts</li><li><strong>10yr yield in DM Europe and DM Americas widened fastest, little movement in DM Pacific</strong></li><li>World 10yr yield was up 0.9ppts, DM Americas up 1.2ppts, DM Europe up 1.8ppts, DM Pacific up 0.4ppts</li></ul><br/><h3><strong>Rate progression</strong></h3><ul><li><strong>3m yield has risen most aggressively in DM Americas</strong></li><li>DM Europe yield moved at a similar pace to World</li><li>DM Pacific yield only rose slightly, widening the 3m interest rate differential to other DM regions</li><li><strong>Unlike World, 1yr yield has fallen in all DM regions in March 2023</strong></li><li><strong>10yr yield in DM Americas and DM Europe moved up simultaneously</strong></li><li>DM Pacific 10yr yield stayed almost flat</li><li>All DM 10yr rates fell MoM in March</li></ul><br/><h3><strong>Yield curve</strong></h3><ul><li><strong>DM Americas yield curve has inverted the most among all DM regions</strong></li><li>In March 2023, the 3m yield was 1.3ppts higher than the 10yr yield</li><li>The degree of inversion is similar to World</li><l