November 19, 2007


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
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