Rise And Fall Of The ‘Zombies’

Rise And Fall Of The ‘Zombies’

One of the great ironies of QE is that while the post-crisis monetary policy regime was designed and implemented to reflate the global economy, there are certain places where these policies are actually deflationary. And when you think about it, it's common sense. If you artificially suppress borrowing costs and distort the supply/demand dynamics in the fixed income market in order to engineer a hunt for yield, what you invariably end up doing is creating a "zombie" dynamic whereby otherwise in
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