"To the extent that central bankers around the world are able to use forward guidance to influence market expectations of their own future policy rate, then of course they retain some control over the shape of their own yield curve. Nevertheless, what lies beyond their control is the size of the risk premium that drives a wedge between the average expected future policy rate and the yield on government debt."
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Bill Bonner is founder and owner of Agora Inc., one of America's largest consumer newsletter publishers. Best-selling author and globe-trotting correspondent since 1999 for the Daily Reckoning email, he is chairman of family-wealth advisory Bonner & Partners, and co-author with his son Will of Family Fortunes: How to Build Family Wealth and Hold Onto It for 100 Years (Wiley, 2012).
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