Yes I think the big bet does apply to the belief that interest rates will remain low as far as the eye can see.
BTW if the Fed does soon halt its rate hikes -- that would be the first time ever that it has done so with real interest rates (even using the greatly understated CPI) essentially zero or barely positive. That seems to be the new definition of monetary "neutrality"
The belief that rates will remain not just low -- but zero or negative in real terms as far as the eye can see in most of the world -- is the driving force behind the manic speculation we are seeing in real estate, commodities, and stocks IMHO.
This is going to end VERY BADLY -- to put it mildly. But who knows just when.
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