A decade or more of zero or negative interest rates, combined with quantitative easing (QE), has resulted in a mis-pricing of risk over a prolonged period of time across many asset classes. This is becoming more apparent now as central banks tighten monetary policy aggressively. One consequence of QE and super low interest rates had been to force pension funds and others to use leverage to offset very low bond yields which made it very difficult for them to meet their liabilities.