The Tightening of Monetary Policy

Last cycle, we brought interest rates basically down to zero, practically down. So central banks bought $15 trillion of assets,. pushed the asset prices up, pushed liquidity into the system. And so asset prices go up and people extrapolate. As you get to later in the cycle, there is more of an extrapolating in the market Prices of that moving on. The world wants to be long. They want everything to go up. We all do.