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

|By:, SA News Editor

"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%.