BUT, BECAUSE THIS RECESSION DIFFERED FROM OTHERS, UNCERTAINTY REMAINS
By Cain Brothers
The capital markets have remained reasonably stable over the past month and generally display the same key characteristics that have defined the markets for most of the year.
Those characteristics are: near zero short-term interest rates; very low long-term treasury rates; very accommodating Federal Reserve policies; much uncertainty about the timing of meaningful economic recovery; and, as a result, uncertainty around the dynamic between risk of deflation and fear of inflation.
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