Mark Cabana was warning of the emerging strains in short-term U.S. money markets as early as last year
What Marks is saying here is that the future becomes more nebulous in the absence of a positive, risk-free rate of return. The risk floor rises.
The retired "bond king" opined that the interest rate play for the world is gone. There are no more interest rates to be lowered by central banks.
Wood said he was increasingly optimistic of a U.S.-China trade deal this quarter but that the key question was whether that would be a “mini" deal.