June 18, 2007

Recently the yields on long term U.S. government bonds hit a five year high catching many players in the market flat footed. The jolt forced many people to look for possible causes for the rate hike. Investors focused on the effects that the higher yield, or any policy enacted in response, may have on the economy and financial markets. The press has discussed alternative cures to the perceived problem. Since each of the possibilities discussed in the press produces different policy recommendations to deal with the higher yield, it may be worthwhile to review the arguments reported.

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