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10 yr yield long term chart 

When it comes to the Federal Reserve, QE, and ultimately the stock market... this is the key chart. 

Treasuries have been in a secular bull market since 1981. As you can see from the chart QE1 began in Nov 2008, and the subsequent QE programs began in 2010 and 2012. The interesting portion of this chart is the large rise in rates since their bottom in 2012. QE1 was met with a plunge in rates, QE2 also saw a large drop in rates during 2011-2012. However, QE3 has not seen the same effect. What happened? I yield the floor to Mr. Schlicter: 

"The level of interest rates does not depend on the amount of money in the economy. An economy that has more money does not have lower interest rates. The level of interest depends on the time preference of the economic agents, their subjective valuation of present goods versus future goods." 

"It is also clear that any attempt to force interest rates lower through market intervention is dangerous and ultimately futile."

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