I’m not sure if the falling long-term interest rates are good news because the bond market sees no inflation ahead (let alone US financial catastrophe), or bad news because the Fed apparently has a different opinion. Anyway, here are the usual charts: first is the week-by-week data showing in detail what’s been going for the last thirty-six months; second is the month-by-month data showing what the Fed must have been thinking at several key points over the last eleven years. Click either one to enlarge it.
[Note that I’ve switched the moving average for “long-term” rates to the 10-year Treasury note, which seems to be the one most others use as their benchmark.]
