Watch for a re-emergence of the convergence to zero play

Understanding curve flattening

Long-time readers know that I have talked for a number of years about a longer-term global convergence to zero play that I see shaping up. It first emerged during the mid-cycle slowdown in 2015 and 2016 as yield curves began to flatten. Looking through my archives, I note that I first made this call in January 2015 in a not…