…lines of, “the bond market doesn’t expect inflation but the gold market does.” But this makes no sense. Markets are fully integrated, and there’s no reason why somebody with a…

…it is likely that low long-term interest rates (at least relative to short-term rates) are the result of some pretty pessimistic thinking on the part of bond market participants. Low…

…average of 7.5% recorded over the 1960 to 2000 time period. Moreover — and here’s the kicker for the bond market — in looking out over the next few years,…

…Growth does not seem to understand is that the Trust Fund is also holding Federal bonds, which pay the same interest rate as the bonds held by the Chinese Central…

…quite substantially. The following table shows the difference between long-term (10-year government bond) interest rates in the US and in several other major developed countries last week. The table suggests…

…knows if this rise in rates will persist; the bond market’s penchant for keeping long-term rates surprisingly low has continually surprised many economists over the past year or so. But…

…to $12 million was missing from the rare-coin kitty, I had similar thoughts. Then, when I saw that the Ohio Bureau of Workers’ Compensation had agreed to turn their long-bond…

…for unfunded liabilities by dumping money into long-term bonds. This explanation also seems insufficient: “world demographic trends are hardly news, and recent adjustments to funding shortfalls do not seem large…

…It is unclear to me exactly how vulnerable the balance sheets of firms like Fannie Mae and Freddie Mac, and other large players in the bond market, are to a…

…I get together with the Money Corp Board and we decide to use that $1,000 of bond revenue to pay each of the nine directors and myself a bonus of…