Something changed this year. After sparking years of heated debates on the sidelines, the once-seen-as-preposterous concept of Modern Monetary Theory is being adopted by stealth with barely a whimper of protest. That means a new market paradigm that brings an end to the "default" state of U.S. real yields being positive.
It's beyond the remit of this piece to discuss the pros and cons of MMT; I'm just drawing attention to the fact that it's happening and suggesting that those who fail to adapt their investment approach accordingly will regret it. If orthodox economic theory is being upended, then conventional market approaches also need to be reexamined.