The long term yields in the US were also depressed on the back of global imbalances as the huge reserves built by  2  BIS central bankers’ speeches  countries, specifically China, found their way back to the US treasuries.
See Galí, J (2008) Monetary policy, inflation and the business cycle (Princeton). 5  In an open economy the neutral interest rate in New Zealand is related to global neutral interest rates but need not be the same. BIS central bankers’ speeches  3  accelerate demand growth and so alter inflationary pressure.