The Risk-free Rate Rally (II)

In a world where a drop in US treasury rates to record lows and growing probabilities surrounding even more “unconventional” monetary gymnastics in Japan – rumored to be toying with “Helicopter money” – we find an “insatiable appetite for yield.” In this world the US dollar price trend may be on the verge of flagging, a report from Jefferies noted, citing a flattening yield curve and lowered expectations for significant rate hikes. Is advocation of bitcoin a sign of questioning fiat currency? In a world that has seemingly been turned upside down on several levels, the July 18 note from…