November 3, 2014
Our outlook is for a long global and U.S. economic expansion. The global economy has been expanding over the last half-decade. For the past few years, however, it has only grown at roughly a trend growth rate. As a result, consumer price inflation has been moderate in most developed countries and too low in others. This has allowed many central banks to remain easy. Economic expansion since the Great Recession has been relatively moderate in each of the major regions, which has permitted yields to remain depressed.