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One moment, please http://www.lizpurcell.com/retailpharmacom-2a77.pdf nicorette-j.com We can be pretty sure that sooner or later, QE is going to end, and then at some point the Fed is going to start raising nominal interest rates. Which means that the bond market as a whole will be, in El-Erian’s terms, sailing into headwinds rather than having the wind behind its back. And although China isn’t going to stop saving any time soon, one does have to wonder whether the fixed-income asset class, which was artificially boosted by risk aversion following the financial crisis, might not see some mean reversion in terms of the total amount of money invested.
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