The entire world is gripped in a low or zero interest rate environment, and I have written about this on multiple instances here years ago. Quality collateral has also been purchased by CBs, creating a shortage of "risk free" financial assets.
This is untenable...and the first fissures in this arrangement will be seen in U.S. equities, which have incredibly transmogrified into the "risk free" asset for the world.
The winter months will be telling.
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