Interest Rate Changes: Legacy from the era of Mass Advertising?

But the power of interest rates to modify [consumer] demand has vanished in Japan and is in question in USA and elsewhere. The problem is that changing interest rates is an [old school] “mass” strategy in an increasingly segmented consumer market

The benefit flows to the fast reactors [segment], the traders and investors who are poised to arbitrage the difference [value capture is not value creation] and truly understand the yield curve.