Anthony Rayner: Markets are discounting better times

Looking across asset classes over the year to date, the real action has been in quite specific areas. US treasuries and gold, for example, are just about where they started the year, holding their own in a period characterised by a preference for risk-on assets. High yield and investment grade corporate bond indices have bounced back sharply from their falls in the last few months of 2018, breaking through end-September levels on a total return basis. Equities are materially higher too, with many indices also above end-September levels. If you look beneath the aggregate indices, howev...