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"Markets are beginning to (rightly in our opinion) view the Fed's commitment on Fed funds as a...

  • Thursday, March 15, 2012, 7:36 AM ET
    "Markets are beginning to (rightly in our opinion) view the Fed's commitment on Fed funds as a worthless promise," says ING's Rob Carnell, as thoughts turn to 1992-93, another period when markets had gotten used to low rates forever. The bond market carnage of 1994 ensued. The 10-year is up another 2 bps to 2.28%.
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    1994 was a devastating year for bonds - let's hope it doesn't happen again. It would cause much more pain now for all those pension funds, banks, and mutual investors then it did back then.
    15 Mar 2012, 05:41 PM Reply Like
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