Bloomberg Surveillance · Wednesday, September 23, 2026
Matt Lozetti argues that the extended period of zero interest rates between the GFC and the pandemic was an anomaly. He attributes this to deleveraging, contractionary fiscal policy, and unusual monetary policy, all of which are now reversed, supporting the current higher interest rate environment.
“The unusual nature of it is when we compare it to what we saw between the GFC and the pandemic, that very unusual zero interest rate environment.”
“And there was a debate, I think, after the pandemic about what has fundamentally changed that has either it pushed us more fully away from that environment and returned us to normal, or would we get back there?”
“You know, it's our view that it was anomalous, the zero interest rate environment between the 2010s and the GFC, that that was driven by deleveraging that you'd seen, fiscal policy that was contractive, unusual monetary policy that we saw across the globe. Those are all behind us.”