We really witness the ending of a long period of declining inflation, declining interest rates, and growing GDP, the perfect trifecta for all assets to do well /Margaret Franklin, FT, Monday 2 March 2020/.
Indeed, it means that people are living for longer, with lower-for-longer returns and nobody practicing right now has any playbook for this.
We might gain some insights from the 1940s and 1970s for the coming decade if we trust the hints of the cycles of history. The gist of all these hints might be very simple: these years will be completely different from the previous decades.
No outdated playbooks, please.
Governor Matolcsy, MNB, the Central Bank of Hungary