With the FED having a mandate to hold the short-term interest rate for a prolong period of time and their willingness to let inflation run above 2%, it make us wonder if interest rates would ever tick up. BCA points out that in the past 30 years, there has been a strong link between major moves in real 10-year yields and the amount o fexcess savings in the economy. Currently the gross private savings have been very well boosted by the fiscal stimulus but also that people tend to become more prudent when things are uncertain. As people’s salary regain traction and consumer sentiment recovers, it is likely the savings rate will decline and perhaps yield might start moderating upwards. I am thinking less about the REITs but more about whether the insurance companies and the finance company can finally have some yield spread to play with so as...