the cycle will turn

structurally lower yields
flood the system with liquidity
the stream of future

the cycle will turn

higher yields undermine
responses to sluggish growth
depreciations heighten risk

the cycle will turn

complex instruments
are the heart in mismatches
obligations are longer term

the cycle will turn

a turn in the cycle
that time was not different
and neither is this

words were found in the Times Business Pages

John Hawkhead