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The Great Liquidity Debate | Michael Howell & Andy Constan
Forward Guidance
The Importance of Carry in an Inverted Yield Curve
The risk of owning a portfolio of assets is about as low as it's been in years. All measures of volatility of the bond market are down well off their recent highs. The public sector, the private sector investor group, levering up. Their animal spirits are saying that they're going to get significant capital appreciation in assets. And so even though it's expensive, low risk, animal spirits drives a lot of asset moves.
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