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mpc: 6 Despite the declines in equity prices, there had been little change in UK, US and euro-area government bond yields over the month. To the extent that the trigger for recent movements had been heightened concern about US prospects, it was somewhat surprising that US yields, in particular, had remained stable. It was possible that the declines in equity prices in May had been a delayed response to the rise in long-term bond yields observed between January and April. It was not clear, however, why the prices of the different asset classes had not moved in a more synchronized fashion.