I’m in the commercial finance industry and for years people have squawked about rates going up. I look around the world and wonder why the US would be the anomaly in today’s low and negative global environment.

I think the Fed will raise the Fed Funds rate in December by 25 bps as required to save face, but it will sit there for a long time and the mid to long end of the curve will stay within 50 bps of where it is today, IMO.