Ellen Zentner: Everything Is Distorted in These Markets

The transcript discusses the outlook on economic growth and the 10-year yield, highlighting Morgan Stanley's prediction of a lower yield. It examines the impact of global flows on the US economy, noting that the US remains a strong player despite challenges. The role of the Fed and the difficulty in determining the risk-free rate in distorted markets are also explored.

In what way does the text suggest that the yield curve has changed in its predictive power?

What challenges does the Fed face in determining the risk-free rate?