IAI - Global interest rates move off of 5000 year lows: At the Open

Last year marked the the secular low point for inflation and interest rates and 2021 is bringing global rates off the lowest point since 3000 BC, BofA Data Analytics says.In the chart below, BofA illustrates the path of long- and short-term rates covering a period that includes the Great Depression, the Napoleonic Wars, the fall of the Roman Empire and the building of the Pyramids at Giza.Sources include BofA's own strategy department, the Bank of England, Global Financial Data and the influential book "A History of Interest Rates" by Sidney Homer and Richard Sylla.What's changed from last year, according to Chief Investment Strategist Michael Hartnett and team?New central bank mandates.Excess fiscal stimulus, including universal basic income.Less globalization.Fading deflation from disruption.Demographics.Debt.A 2% ceiling for U.S. 10-year Treasuries is the new floor, with bond markets adjusting (TBT) (TLT).This chart has actually been popping up for a few years, and was developed by

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Global interest rates move off of 5,000 year lows: At the Open