What a difference a quarter makes. Only three months ago, the share price of Land Sec was trading below £5 per share, but now it is trading at well above £7 per share. This despite the Bank of England projecting a recession as long as the 1980s and 1990s (but not as deep).

What’s caused this change? The decrease in interest rate expectations in the US, UK, and euro area since November has been a significant factor. Specifically, interest rate expectations have dropped by a range of 80-110 basis points in the US and UK and by 55 basis points in the euro area.