The long term dis-inflationary impulse has moved the ten year rate down to 1.5. Subtract the seigniorage tax and you get today's .7. And that is a bit low since we were headed for a regularly scheduled recession.
So rates are quite typical for the typical recession cycle. A tax adjusted ten year rate is above the current growth rates, after the future revisions. There is one exception, Covid, the Black Swan. Money invested in the optimum portfolio of Covid work pays a high multiplier. There, I admit to a little fiscal stimulus.
Money, in general is tight, getting tighter, and we are in a mild deflation.
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