IfasIbelievetransfatshaveclose and muchmorehealthfulsubstitutes that cost little more than trans fats, theattempt toban trans fats in New York Cityrestaurants made sense.
So long as closesubstitutes such as Treasury bills offer any competition at all, investors try to shift out of the non-interest bearing stuff into the interest-bearing stuff.
The flows into risk-free assets by central banks and private investors has plunged returns on these assets into negative territory, and pushed investors out along the risk curve into assets that are closesubstitutes to risk-free assets (such as investment grade U.S. corporate bonds).