Global fixed income (the seven-year workout)

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February 2011. It’s going to take at least seven years to work off enough consumer and government debt to close the output gap that opened in the recent recession and get the economy growing consistently at trend again, in our view. In the meantime, we believe the Federal Reserve and other major central banks will keep a lid on interest rates until economic growth is stimulated sufficiently to reduce private sector debt to a more manageable level.

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