Short piece from Mike Wilson of MS. Some nice tidbits. "Perhaps the biggest takeaway is that central banks are engaging in financial repression on a global basis. This shouldn’t be a surprise to anyone, but it suggests they are ready to go the distance and keep rates low indefinitely, especially real rates. The problem is that inflation expectations are just not behaving the way they need to for financial repression to work effectively. In fact, inflation expectations are back to levels experienced at the time when QE1 and QE2 were first enacted (Exhibit 5)."