THE OLD NORMAL
#QE & #ZIRP drove yields lower, caused herding into risk assets. It funded the least qualified borrowers/corps helps explain why CPI has exploded (yet) With rates rising & #QT, does this loop continue ?
The below trend line would have been an orderly doubling of home prices in around 33 years (60-120) This would be a 2.1% increase per year, or consistent with
#inflation. Bubbles are obvious. #HousingCrisis