Now, some strategists and investors think that the linkers — inflation-linked government bonds — trade is back on.

Société Générale has reiterated its call for clients to load up on inflation-proofed bonds, on the view that even modest global fiscal stimulus and rising commodity in the coming year will accelerate price growth further. Bargain prices is an additional bonus.

“You can buy inflation [protected bonds] on the cheap, but conventional bonds are extremely expensive,” says Alain Bokobza, head of global asset allocation at SocGen.

FT 20 October 2016