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Chapter 13 - The Fixed-Income Market > EVOLUTION OF AN INDICATOR

EVOLUTION OF AN INDICATOR

Interest rates have a long and storied history that dates back to the creation of coinage. A thorough examination of the subject can be found in Sidney Homer’s A History of Interest Rates, a highly recommended read for any student of investment. Homer’s book provides detailed insights on credit and interest, including tables of interest rates in Mesopotamia from 3,000 to 400 BC. For our discussion, however, we’ll stick to recent twentieth- and twenty-first-century figures.
Economists have come to care about the activity in the bond market first and foremost because of its size—anything as big as the U.S. bond market demands attention. Its behavior reveals a great deal about current and future expectations for the economy, investor sentiment, and the general condition of corporations, municipalities, the U.S. government, and many other entities that issue fixed-income securities.

  

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