iAfrica 16 hours ago 3 min read Share with your network! Markets are about as polarised as they’ve ever been, with extreme divergences existing between developed and emerging markets; small cap shares versus large cap; and growth shares versus value. And these extremes should be viewed in conjunction with the most notable extreme in modern-day markets: interest rates. The 10-year US government bond is at the lowest it has been in 220 years. And if you view the US government bond as a proxy for interest rates, what we are currently seeing are the lowest interest rates in 220 years. While the history of the South African repo rate doesn’t stretch back 220 years, it is currently the lowest it has been in 55 years at 3.5%.