A dismal global outlook

Keeping the ten year below 2%, rush to safety is out running Ned's new debt capacity. Cash is 2%, so Ned is winning the game at the moment, borrow long deposit short. Give Ned a hug. Dismal means slightly disinflationary and traders are betting a 1% CPI rise, not 1.5. That also means lower taxes, all around, compounding things a bit.