November 19, 2007
MAYBE FOR CHRISTMAS...:
Bond Market to Bernanke: You're Blowing It! (James Pethokoukis, 11/19/07, US News)
Economist James Glassman of JPMorgan notes tha[t]:
Market forecasts, those embedded in asset prices, however, have proven to earn their keep. Three numbers in particular are highly informative: 4.5% (the Fed's interest rate target); 3.31% (2-year Treasury note yield); 4.14% (10-year Treasury yield). Market prices imply that policy rates are still 100 basis points above equilibrium levels.
...someone could give Mr. Bernanke a copy of his own pre-Fed writings on his predecessors setting rates too high? Posted by Orrin Judd at November 19, 2007 3:34 PM