- The downtrend is in the past, and the stronger and deeper it has been, the less likely to continue.
- Beware expecting or even hoping that any rate decline will continue.
- The principal reason for this year’s decline in rates -- and the long wave pushing down for decades -- is the combination of a rapidly aging world and too much debt, never seen before.
Any downtrend in rates brings temptations and pressures to both professionals and civilians. Hence, a series of rules cribbed from prior declines and adjusted to this one.