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In my The Need for Expansionary Fiscal Policy I quote Greg Ip:

policy makers are rightfully wary about acting in the face of so many┬ácontradictory signals. In the U.S., unemployment is moving lower and stocks are hitting new highs. Bonds could be pricing in secular stagnation, or merely a greater bias toward hyper-stimulative monetary policy by central banks…

If bond markets were pricing in a a greater bias toward hyper-stimulative monetary policy by central banks, the yield curve would be very steeply sloped indeed. Just saying.