The wrong conclusion...

No mention of the massive supply destruction (or "holding" or whatever happeans to financial assets when they are brought back into the loving arms of their respective Central Bank) that is really causing this chase.

Here’s this week’s mind-boggler of a stat: So voracious is the global appetite for debt that yields on almost $20 trillion of government securities are below 1 percent, according to Bank of America (BAC) data.

Such little cost to borrow such an inconceivably large sum. These are at once generous and stingy times: If you are an economy or a corporation with any modicum of creditworthiness, your debt will get snapped up on low, long, easy terms. If you’re an investor, you have to hustle and dig for yield that you might think you can live with, and for a long time—at least well into an uncertain future.

The average yield to maturity for the Bank of America Merrill Lynch Global Broad Market Sovereign Plus Index fell to a record low 1.34 percent last week, compared to 3.28 percent five years ago, with the amount of bonds in the benchmark having since more than doubled, to $23 trillion. Again, tens of trillions are being bandied about here. With central banks in Washington, Europe, and Japan avowedly expansionary—flexing new tools to conjure up fresh tender to buy bonds—yields constantly hit up against a ceiling. Barclays (BCS) predicts that central banks will buy $2.5 trillion of seemingly safe assets such as government securities this year, which is actually more than current net supply of $2 trillion.