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Treasury's Bills & overnight Repo...are in the centre of "Pimco's Concentric Circles"...Change the price of Credit at the center and you change the price of assets at the outer extremities...If the center holds, if global central bankerscan caonvice investors that their abnormal policies can ecreate a semblance of the old economy, then risk assets at the outer edges of our cricle will have higher future returns than otherwise... As long as artificially low policy rates persist, then artificially high-priced risk assets are not necessarily mispriced. Low returning, yes, but mispriced? Not necessarily...