Economics focus

摘要

Think the unthinkable: America's long-term bond yields may be heading down, not up. On May 31st, the yield on ten-year Treasuries dipped below 4% for the first time since early February. There are special circumstances, not least the fact that some investors are deserting Europe in this week of the non and the nee. But the debate over bond yields, unusually vociferous since February, when Alan Greenspan, chairman of the Federal Reserve, queried the refusal of long yields to rise when he pushed up short rates, has just increased a decibel or two. And the voices on the side of falling yields are getting louder.