One might make the simple observation that the last time there was such a race to the bottom on rates, the next event was the 2007/08 credit crisis, and that looks to be the inevitable consequence of this action replay, except the villain of this piece will be activist' central banks, instead of 'reckless' private sector banks. Eminently the other theme will continue to be how far can the EUR sink, and a) is there a point at which the ECB voices concern about the pace of the fall (rather than the level), and b) would some seemingly elusive, more durable resolution of Greece's woes, which seem currently more likely to end in accidental Grexit, put the brakes on the EUR's slide?
from Marc ostawld