... here are some shocking statistics on how we got there, and which we all take for granted, courtesy of BofA:
*There have been 606 global rate cuts since LEH
*$12.4 trillion of central bank asset purchases (QE) since Bear Stearns
*The Fed is operating a zero rate policy for the longest period ever (even exceeding the WW2 Aug’37-Sep’42 zero rate period)
*European central banks operating negative rate policies (Swiss policy rate currently -0.75%; Sweden’s policy rate currently -0.35
*Just this month, the PBoC cut rates, the ECB confirmed QE2, Sweden announced additional QE, and the BoJ promised additional easing if necessary "without hesitation"
*$6.3 trillion global government bonds currently yielding <0%
*$20.0 trillion global government bonds currently yielding <1%