> Yes, there is herdlike behaviour. But why? > People, and computers which learn what worked for people in the recent past, have gone from a rich market conver

> Yes, there is herdlike behaviour. But why? > People, and computers which learn what worked for people in the recent past, have gone from a rich market conversation about many things to one about just QE. So are you saying that in the past N years since QE and 0 rates, the parameters that define which assets/resources to buy/trade have gone from wide-ranging (e.g., "We'd think about different countries, their bonds, their IR rates, swaptions, etc"), to singular (e.g., "...has become a conversation only containing rates.") ? How does this tie back into the "herd-like behavior" comment? Are you saying that every algo trader is only focusing on rates because that (more so than anything else), is determining where to allocate capital?