For the second week in a row, Alan Greenspan talked a jumper off his ledge. On Monday, the whole interest-rate structure rose to new highs out of fear that the Fed is about to begin a severe campaign–perhaps opening with a half-percent increase on June 30. If only 0.25 percent, the Fed is still headed way, way above the 1 percent rate of the last year-and-a-quarter. Even if the rate-rising campaign is gradual, a 20-year decline in interest rates has concluded. Rates on everything soared on Monday: the 10-year T-note to 4.85 percent, the Fed-sensitive 2-and 5-year notes to 2.9 percent and 4.08 percent, respectively, and 30-year fixed-rate mortgages to 6.5 percent. The Chairman is not a bullhorn-in-the-street type, gathering the jumper's sobbing family to plead with him; no, he's the soft-talker in the window beside the poor guy. "Calm down... Inflation is okay... If it's not, we'll do something about it... Really, come on in...." This soothing performance in the Senate on Tuesday...
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