Hi Larry: As you say, rising long term rates suggest that the economy is starting to recover; up to a point. Would you like to see the 10-year note at 7%, the long bong at 9%?
The other side of the curve is that the steepening of the yield curve differential is a preamble for another bear market, who knows when...Could it be that the recovery has been heavily discounted?
By the way, for the next few days, It will be quite difficult for me to follow the market blow by blow, wedding bells and other responsibilites have taken priority.
Larry, at one point in the question and answer session Greenspan (a.k.a. Hulka) mentioned the current rise in interest rates was due to State budget problems as much as anything else. More risk premium being priced in I would assume. If so, the recovery theory may or may not be valid.
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