September 16, 1997

The financial press has directed considerable attention to how lower capital gains tax rates in the Taxpayer Relief Act of 1997 will impact the composition of investors security portfolios. Yet, with the exception of an earlier La Jolla Economics report, the impact of the Act on investors holdings of real assets and the associated feedback effects on the bond market have been largely ignored. This is unfortunate because the Act has major implications for the bond market.

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