“‘The Bank for International Settlements (BIS) has warned that ultra-low interest rates have lulled governments and markets “into a false sense of security’.  The Basel-based organisation – usually dubbed the ‘central banks’ central bank’ – urged policy makers to begin to normalise rates.  ‘The risk of normalising too late and too gradually should not be underestimated,’ the BIS said.   Markets have rallied since January.  The FTSE all-world share index is up 5% so far this year, while the ‘fear index’, is at a 7-year low.  ‘Overall, it is hard to avoid the sense of a puzzling disconnect between the markets’ buoyancy and underlying economic developments globally,’ the BIS said in its annual report.”

http://www.bbc.com/news/business-28081771

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