USAGOLD note: One of the consequences of ultra-low interest rates is that even a modest move in the inflation rate can put yields in negative territory. Deutsche Bank’s Reid goes on to say that he believes the inflation rate will remain “elevated for many quarters.” Question: What if we move to baseline inflation rate of 4% or 5%? What if the topline becomes blurred or non-existent? Reid is breaking new ground here for instiutionally-based analysts. For a wider perspective on the issue, a visit to the link above is recommended.