This chart from our strategic macro research partner shows the incredible length of stimulus.




Has the current, prolonged period of unchanged FED policy rate of 0% conditioned investors to think this level of interest rates is the new normal? The FOMC looks to be ready to embark on a period of raising interest rates. If 10 yr bond yields move higher by just 25 basis points, the income received is wiped out by capital losses. Official FED projections predict yields above 3%. Nominal growth readings suggest the same.





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