The growth prospects of the private-sector bond market are enhanced by the efficiency of the secondary market and the opening of new regulated wholesale and retail markets for private-sector securities. A further contribution to the development of this segment will come as banks increasingly securitize their loans. The money market is highly efficient.
What one does not know is whether and when there will be a tempest, whether and when the sea will be calm, whether we will have headwind or tailwind. On this everybody can make up his own mind.