STEPHEN ROACH: The stock market bubble and property bubble are not isolated events. Fixed-income bubble:

Bubble after bubble has since percolated to the surface during this period of extraordinary monetary accommodation -- especially in a multitude of fixed income products (i.e., Treasuries, investment-grade corporates, high-yield bonds, emerging market debt, and a host of credit instruments). With overnight money basically free in real terms, the "carry trade" was a no-brainer -- investors and speculators alike could pocket the spread anywhere on the yield curve. This created an artificial demand for fixed income securities that was quick to take on bubble-like implications of its own.

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