In mid-November, Bank of America's Michael Hartnett said, «If Brexit marked a 5,000 - year
low in global interest rates, Trump marked the moment investors started to position for a bond bear market.»
Among the many themes to have emerged in U.S. markets during the first six months of 2017, low volatility in equities and
changes in the global interest rate environment — some realized and some anticipated — were particularly important drivers.
Factors impacting real - world returns include transaction costs, signal banding to reduce turnover, applying a fund management fee, and adjusting for tail winds provided by secular
decline in global interest rates.
And Bank of America Merrill Lynch's Michael Hartnett went a step further, declaring, «If Brexit marked [a] 5,000 year
low in global interest rates, Trump marked [the] moment investors started to position for [a] bond bear market.»