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News that, in the year through mid-November, 90% of the dollar-denominated asset classes monitored by Deutsche Bank delivered a loss, the worst such showing since the start of the 20th century, leaves Wall Street with certitudes to discard, expectations to reset, portfolios to rebuild.
The point of ultra-low interest rates is to yank consumer demand into the present from the future. For those industries whose demand has thus been accelerated, we expect falling sales and lower residual values. Knock-on effects for a known Grant’s pick-not-to-click are likewise in the cards.
Concerning one cosmological proposition or another, Sir Martin Rees, Astronomer Royal, said he thought it was true. And he added that while he wouldn’t bet his life on it, he would bet his dog’s. So it is with Grant’s and the notion that interest rates have stopped falling and started rising.
In its power to tax, borrow, spend, expropriate and wage war, the government of the United States must be the world’s greatest temporal power. Still, you wonder what this almighty institution would have to say for itself if it were brought into the sunshine of the Securities Act of 1933. The Grant’s model Treasury bond prospectus—the sixth in a series that dates from 1985—realizes this enticing impossibility.