March 28, 2000

The futures market expects a rise in short-term interest rates of approximately 40 basis points during the second quarter and 70 points during the year, with the rate of increase declining as the year progresses. The yield of the long end of the curve shows a similar rise but of a smaller magnitude. The slope of the yield curve is expected to decline, resulting in a further flattening and quite possibly a full inversion. The bulk of the increases is expected to take place in the first quarter of the year.

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