Interest rates on 10-year US Treasury Bonds are at 1,6%. They have decreased continuously since their peak in 1982 (at 6%). Are those levels a harbinger of a major crisis, the bursting of a financial bubble, a series of bankruptcies, a lack of economic growth or increased expectations of volatility? Do they, on the contrary, warrant optimism, as a sign of a transition between two major economic cycles? Only one thing is for sure. Those rates will rise back up. Their average level is at 5% over very long periods. A hike back to those levels will strongly challenge the value of assets.

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