Publication - How much should we read into shifts in long-dated yields? - Speech by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, at the US Monetary Policy Forum, New York City, 3 March 2017.
The “market” is not a person
I mentioned that storytelling is a powerful device in economics. Let me start by telling you a story myself. My story is about a bell. It’s not the famous bell at the New York Stock Exchange down the road from here, but a bell in the cathedral in Mexico City.