In this issue:

• Are Persistently Low Rates Caused By... Persistently Low Rates?

• Mandates and Labor Shortages

• Covid Compliance

• Hedging

• Green Bonds

• The GE Three

Are Persistently Low Rates Caused By... Persistently Low Rates?

One of the most striking graphs in economics is the multi-century decline in real interest rates:

There are a few ways to explain this. One is…