central banks are in a bind:

* raise rates -> the whole house of cards collapses as 10+ years of easy money have created a monster.

* keep rates at zero (actually negative) -> the monster keeps growing as people are basically forced to speculate

how this hairball will unwind is anybody's guess. in a sense the pandemic was a reprieve cause basically all risks globally have been absorbed into government liabilities through the massive and unprecedented support to the private sector

a return to biological "normalcy" may actually become an economic (or at least a market) abnormality...