The Fed has broken the very concept of markets.

United States Debt Holders By Size.
Japan is the second largest holder of Treasuries. pic.twitter.com/Wfz44kCeDT
— Daniel Lacalle Official Account (@dlacalle_IA) May 20, 2020

Central banks are causing massive inflation in sovereign bonds and disguising real risk.
In any case, it will not deliver stronger growth. Just more debt. pic.twitter.com/GJNmkBQ7Pc
— Daniel Lacalle Official Account (@dlacalle_IA) May 20, 2020

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