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(M2)‌‌ Holding On To This Week’s Gains


Late June Futures Roll Update

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BONDS: FT Alphaville is making the point this morning that "real interest rates
are not particularly low" at the moment. They pick up on a research paper by
Oscar Jorda, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M.
- Essentially, the point is that charts need to be drawn over a longer horizon,
not just since the 1980s. Go back to the 1870s and today's experience falls into

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