The following is from an interesting Bloomberg piece:
“After unprecedented
stimulus by the Fed and other central banks made many traditional models
useless, investors and analysts alike are having to reshape their understanding
of cheap and expensive as the global market for bonds balloons to $100
trillion. With the world’s biggest economies struggling to grow and inflation
nowhere in sight, catchphrases such as “new neutral” and “no normal” are
gaining currency to describe a reality where bonds are rallying the most in a
decade.”