&gt; Tangent but: I doubt the rate raise will stick. They&#x27;ll probably have to cut it again. I see a &quot;planet Japan&quot; scenario in which global central banks are zero-bound for decades, if not &quot;forever&quot;. Rapid growth is over.<p>Agreed nominal interest rates will likely drop down again to zero to restimulate the economy, but I doubt that will stick for the next decade, as inflation should creep back in forcing the Fed&#x27;s hand.  However, if you believe that &quot;real interest rates&quot; (ie subtracting inflation) will be zero for a long time, I can concur -- currently they are negative.