LIfe afteR ZeRo 2014 MID-YEAR INVESTMENT OuTlOOk

} The anticipation of a ZIRP reversal could cause market angst on the timing and magnitude of future rate hikes. The result? A greater chance of (spikes in) volatility. Caveat: Cycles of low u.S. volatility (both interest rate as well as realized and implied equity market volatility) have tended to last until higher rates started to inhibit growth. ................
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