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Dry Powder: Where to Park Your Cash
Many Happy Returns
Why Is the Yield Curve in a Strange Place?
When you look at government bonds that the yield curve is in a strange place, isn't it? At least parts of it are inverted in the UK and I think in the US as well. If you then manage to get an interest rate from the UK government for a year, you'd usually get a much lower rate of interest than if you learned for 10 years or 20 years or 30 years. That makes sense, doesn't it? Because you think, oh, if I'm going to give my money and lock it up for 30 years, potentially, you better pay me for that. And that's called term premium. But at the moment, the term premium is negative, which is
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