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mpc: 4 Despite higher real interest rates, the FTSE All-Share equity index was broadly unchanged over the month and the major overseas equity indices had risen in local currency terms. Spreads between yields on corporate and emerging-market bonds and on risk-free bonds had continued to narrow and implied volatilities from options prices in many financial markets remained low. Borrowers were continuing to obtain finance on favourable terms and the apparent abundance of liquidity globally would add some stimulus to world demand in the near term.