The Conspicuous Consistency of Curves
It’s not that curves are flattening. It’s where they are. There’s really no mystery surrounding any of this. The “conundrum” arrives only when starting from the orthodox perspective; the one derived from Economists even though they don’t understand the bond market in the slightest. Short-term rates tend to “obey” central bank signals because central banks offer more direct money alternatives. [...]
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