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416 pages, Hardcover
First published May 5, 2016
At the moment, foreign demand for US debt is low—but there are completely unrelated reasons for backing off US debt instruments in a variety of different countries that just happen to be coinciding. Here, the market is hopping: investors can find higher yields in the Dow than in dumpy Treasury securities. Interest rates aren’t likely to stay anywhere near 8.2 percent and this is probably a one-time spike. Jesus, in the 1980s, Treasury bond interest careened to over 15 percent. Bonds paid over 8 percent as recently as 1991.