were pricing
Source: Thomson Datastream and Bank of Spain. Mid-year expectations for official interest rates were pricing in no change for the next 12 months in either the US or euro area (see table 3). | Las expectativas sobre los tipos de interés oficiales a corto plazo en la zona del euro y en EE.UU. a mediados de 2012 apuntaban a un mantenimiento de los mismos en los próximos 12 meses (véase cuadro 3). |
Given that starting valuations at the beginning of the year, both with respect to credit spreads as well as currencies, were pricing in quite a bit of negative news, this initial cushion allowed the asset class to navigate the year relatively well. | Dado que las valoraciones (en términos de diferenciales de crédito y de divisas) ya descontaban una cantidad considerable de noticias negativas a comienzos de año, este margen inicial permitió a la clase de activos mostrar una evolución relativamente buena a lo largo del periodo. |
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