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Quantitative Easing Isn't as Effective as You Think
Right now in the system we have the most central banks, they don't target the price of long rates. They let long rates just sort of float and this is part of the argument why I always say that quantitative easing isn't as effective as a lot of people tend to think. With the 10-year yield lower than the two-year today, the marketplace is basically saying, we are not as worried about inflation as the Federal Reserve is over the course of the next 10 years.