Oh, goody. More chaos. Long-term rates all over the world have been cruising lower, pulled down by trouble over there — trouble which we’ve known about for years, but which Brexit emphasized.
- Long-term rates are affected by trouble overseas, pulling them lower.
- If the picture here is good, how awful does the outside world have to be to hold our rates down this way? Awful, and it is.
- Brexit still gets the headlines, but that story itself gets too much attention. Real trouble lies on the continent.