Indicators show Banks are still shy lending and the monetary base multiplier the weakest in years, add to that depressed real disposable income + productivity and contained inflation makes perfect sense despite massive liquidity infusion by central banks.
The financial assets vs real assets debate still on.
We need a turn around in these measures for bond bears to gain more momentum.
Central banks and regulatory environment finally taking a back seat is slowly starting the process to higher yields, let's watch consequences on banks and employers behaviors.
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