Closer...

...to the end of the "Great Rate Compression".  The last countries to attempt similar monetary easing as the developed nations will (of course) be the most damaged by the eventual global interest rate expansion (some would say "normalization")

Its not here yet.  But as the great Mark Cuban said "in business and in life, there are three I's:  Innovators, Imitators, and Idiots, and it helps to know which of those categories you fall into".

I will refrain form labeling entire countries under these guidelines, but as always, the maximum benefit accrues to those with initiative.

India’s bond yield held at the lowest level in a week as easing inflation and slowing economic growth spurred speculation the central bank will add to three interest-rate cuts this year.

Gross domestic product climbed a decade-low 5 percent in the 12 months ended March, below the 10-year average of about 8 percent, official data showed last week. Reserve Bank of India Governor Duvvuri Subbarao said May 14 that inflation at a 41-month low of 4.89 percent in April would be taken into consideration at the next monetary policy review.

“Sovereign bond yields have eased sharply in anticipation of easier monetary policy and lower inflation,” said Gaurav Kapur, a senior economist at Royal Bank of Scotland Group Plc in Mumbai. “While the RBI may not reduce rates on the 17th of June in its mid-quarter review of monetary policy, it is likely to guide that the room for policy rate cuts can increase.”