Fixed income: Central bank insanity, by Vimal Gor, head of Income & Fixed Interest at BT Investment Management.

To put it in a nutshell, the GFC was caused by a credit and debt supercycle of epic proportions and central banks are relying on (actively encouraging) more debt to ease its aftermath. Global economic fundamentals and growth remain shockingly weak, and it’s hard to point to even one region in the world which has a positive impulse to growth.

Cue graph here.

All this meddling in markets by the authorities is becoming self-defeating.  All we are left with is dysfunctioning markets and a slightly odd feeling.

See here. It is not, as they say, sustainable.