My research for the ATOM has revealed that pervasive technological disruption is the reason for this structurally declining inflation. Failure to recognize that this technological force is permanent and rising exponentially is the reason 'experts' are baffled as to where all the central bank money is going, and reforms towards a revamp of central bank monetary easing is not being discussed. Remember that this fall in yield is across all countries with significant technology density. German and Japanese 10-year bond yields are almost 0%.
US Real Estate received a decades-long boost from lowering mortgage rates as long-term bond yields fell. Few question how homes that used to be 2.5 times the household income of the area are now priced at 10 times the household income or higher. With yields getting this low, and with property taxes now as large a contributor to home ownership costs as the mortgage payment, how much higher can home prices go? How much of US GDP is dependent on not merely high, but rising home prices?
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