All change in global markets

Global capital markets appear confused. Government bond yields are matching depression-era lows, at the same time as gold makes new highs and other industrial commodities soar (not to mention art, and high end real estate). Meanwhile, less than two years after the biggest debt crisis in history, investors are showing renewed enthusiasm for 100-year corporate bonds. These anomalies result from the sheer scale of stimulus applied to the major economies both monetary and, for now, fiscal. Everything we are seeing, be they asset prices, patterns of economic activity, capital flows or the ...