(Jan 31): There was a period of time during the late summer when a reality seemed to dawn on many of our European clients — that the world of negative rates was not just a fleeting blip. It now appears likely that we could remain in a negative yielding environment for a number of years. But being caught in a new reality does not mean peril. My view is that we are not in imminent danger of a recession. Without an unforeseen shock, conditions for a widening of credit spreads or a sell-off of risk assets do not exist at this point.

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