Global Economy Update: “S” Is For Souring, Not Soaring

The probabilities have all changed, only not as much as you might have expected. Bond curves around the world have been uniformly skeptical about this last upturn; more likely to sour than soar. As more and more data comes in from key places around the world, sour appears to have been the correct interpretation. Ignore the flattening curves, they said, just term premiums.