Interest Rates in Motion
Interest rates are nearly always “on the move,” but have been posting exceptionally large moves over the past three years. Short term interest rates were pushed to near zero in early April 2020 in response to the COVID-19 pandemic and long-term interest rates as reflected in 30-year bonds (1.17%) fell to the lowest level since the first 30-year bonds were issued in February 1977. Since then, it has mostly been uphill for interest rates. Initially, it was long-term interest rates that rose reflecting more certainty about the economic future of the economy as 20- and 30-year bonds rose from near 1% yields to more than 2% yields by January 2022 and to more than 3% yields by April 2022. (See...
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