It was fun playing Masters of the Universe when expectations were low.
Ah, the good old days, when a simple, completely empty promise to do whatever it takes could move the world. It was fun being a central banker back in the good old days–back then playing Master of the Universe was wondrously good fun.
Now–not so fun. Now that interest rates are drifting below zero, there’s not much room for fun left in that sandbox.
As for mortgage rates: they’re so low, some countries are effectively paying people to take out a mortgage, and the resulting bubbles and market distortions are no fun.
Buying assets with newly created trillions was very good fun, but now people are demanding results in the real economy from our asset buying sprees–ugh, that’s no fun at all.
Now that the Federal Reserve is maintaining its balance…
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