This guy makes a pretty convincing case (subscription required) that long-term interest rates are going to rise even if Big Ben pauses on short ones (and that the Fed chairman is wrong about a savings glut). And the writer certainly seems to have no axe to grind.
In any case, his argument is in line with the findings of Randy Myers' article in our upcoming banking special, i.e, that credit conditions may start tightening sooner rather than later.
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