As we see in table 2, some of the 5-year growth rates are mild, not much different from those of table 1.

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But as the table shows, if rates were now set on the basis of economic conditions in Germany alone, the case for lower interest rates would be far stronger.

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The table (from Fisher Investments research) shows the impact of rising interest rates on the value of 10-year and 30-year bonds.

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