“Central planners want to get the inflation rate substantially higher than the interest rate or to put it another way, to keep the interest rate very much below the inflation rate for negative real interest rates…This debt problem that we have in the developed world is really starting to show up in the financial system….The way that central planners are dealing with the long term problem of negative interest rates being fatal to the banking system is weirdly more negative interest rates because they think that is going to help in the short term. Eventually a lot of short term solutions that exacerbate long term problems lead you into a reality where finally enough short term things lead to the future of the long term being now.” ~ Jeffrey Gunlach, CEO, Doubleline

U.S. Dollar Index

Fixed Income

U.S. Bond Aggregate (AGG), High Yield Bond ETF (JNK)

5-7yr. Treasury ETF (IEF), 20 yr. + Treasury ETF (TLT)