Long Term Fundamental Macro Picture

All major central banks have set interest rates at or near record lows:

Major Central Banks Overview

Central Banks	Current Interest Rate	Next Meeting	Last Change
Bank of Canada	1.000 %	01-21-2015 - 15:00	09-08-2010 - 13:00
Bank of England	0.500 %	02-05-2015 - 12:00	03-05-2009 - 12:00
Bank of Japan	0.100 %	01-01-0001 - 00:00	12-19-2008 - 05:27
European Central Bank	0.050 %	01-22-2015 - 12:45	09-04-2014 - 11:45
Federal Reserve	0.250 %	01-28-2015 - 19:00	12-16-2008 - 19:15
Reserve Bank of Australia	2.500 %	02-03-2015 - 03:30	08-06-2013 - 04:30
Reserve Bank of New Zealand	3.500 %	01-28-2015 - 20:00	07-23-2014 - 21:00
Swiss National Bank	-0.250 %	03-19-2015 - 08:30	12-18-2014 - 07:30

Source: FXStreet

 There  has been an unprecedented ballooning of central bank balance balance sheets:



Meanwhile global debt as a percentage of GDP has risen drastically over the past 15 years from an already high level of around 184% to about 244%