A seemingly benign backdrop as evidenced not just by the US GDP numbers...
...but also by Moody's reporting that now 80% of their ratings are 'stable' (compared to just over 60% two years ago). A long bull run always helps:
In Asia I note that the Japanese 10 year bond is kicking around all-time lows near 45 basis points.
A normal economy? Not at all...otherwise the real bond yield profile would not look like this:
Interesting too in Asia that there has been such an uplift in Hong Kong rights issues. Tapping a benign market whilst it is there?
...not helped by lower commodity prices as nicely captured in this simple graphic on China:
And there are still underlying material challenges...such as perceived inequality and related protests. Perhaps it was a sensible thing that the US indices did not rack up another all-time high yesterday:
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