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4min chapter
Michael Howell: "QE Is Coming Back, Big Time"
Forward Guidance
The Negative Term Premium in the US Treasury Market
liquidity has been going into stocks, but not to bonds. Bonds are actually have suffered even as inflation itself has gone down. Term premium is basically the additional amount you would pay or is normally paid by a bond investor above the expected role of a one. And what's happening is that you're not paying a premium. You're getting it. There's a big discount. So we would argue it's about minus one and three-quarter percent right now - which is pretty much at an all-time low.
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