Yielding To None

摘要

The most striking thing about financial markets at the start of 2009 is neither the level nor the valuation of stockmark-ets, which are well within historical norms. Nor is it oil prices. Had investors been told two years ago that crude would cost around $50 a barrel, their flabbers would not have been gasted, as Frankie Howerd, a comedian, used to say. What is remarkable is the level of nominal government-bond yields.