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Let's bring in torch

in Slack now, Chief Global Economist for the Deutsche Bank Securities

Unit.

Jim Bullard said he sees this as a liquidity issue.

It's not a question of a flattening yield curve signaling

anything about the direction of the global economy.

Yeah, I think that liquidity issue is a diplomatic version of saying that the rest

of the world really matters for US rates, both in the front end and in the long end.

And I think that's showing up not only as the business cycle abroad being a problem,

it's not only economic, the problems that we have where it's uncertain how long time it

...