Saturday, November 21, 2009


That's the 3 month Treasury bill rate as of yesterday. The two year was down to .67%. This "why bother" interest rate policy of the Fed is driving more money into riskier assets and at the same time driving any other money into safe havens that have no yield. Another conundrum, a reflection of uncertainty and a mindlessly wimpy Fed policy. This is becoming a seriously out of balance situation.


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