Date of Original Version

6-1984

Type

Article

Abstract or Description

At the peak of the extraordinary rise in interest rates in May, rates on long-term Treasury bonds were about one percentage point above the level at the end of April, The shift in the demand for Treasury bonds in May is broadly similar to the shift in the demand for dollars in the summer of 1979; almost every day brought a lower price than the day before. Shifts of this kind usually terminate when the anxiety that produced them is resolved.

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Published In

The Foxhall Review.