Learning to love low interest rates

摘要

BACK IN FEBRUARY,when he first addressed the issue of stubbornly low bond yields,Federal Reserve Chairman Alan Greenspan called it a "conundrum." The mystery revolved around a simple question:Why were long-term interest rates falling even as the central bank was jacking up short-term rates? Back then,Greenspan ventured that the anomaly could be a temporary aberration and that in no time,bond yields might start acting in more traditional ways.