The End of a Cycle or a New Era?

When the Fed lowered the overnight funds target by 50 basis points in early November, it was merely the latest move in a series that has reduced short-term rates by 525 basis points in the past 23 months. These new low rates have altered financial assumptions for organizations that have enjoyed considerable success over the past 20 years

 
 
 

 

 

Dec. 1, 2002


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