Low interest rates are here to stay

These are, indeed, strange times on the global interest rate front. 

For borrowers, the good news is that the current historically low level of interest rates everywhere in the developed world looks set to persist for the foreseeable future.

For savers, this represents bad news. While low interest rates are obviously a big positive for borrowers, they represent very bad news from a fundamental economic perspective as they are indicative of economic weakness and extreme uncertainty.