Well, there is no harm to say the truth. If World economy was so good and promessing, ECB would lower its interest rate
under 0, nor FED would have kept a low level interest rate
. We should have been in a situatio with at least a 2% inflation
and same thing for the growth rate. Which is not the case. But the market bought the idea and the policy of cheap money and ECB's possible QE
Therefore as already said in the past studies, there will be a progressive move on the down side towards 1840-1820.