Free Market
Author:
Christopher Mayer
Online Publish Date:
The Free Market 20, no. 4 (April 2002) It has been said that the stock market is not an actuarial table. The same can be said of the bond market. Rather than an infallible guide to the future, the bond market embodies the best guesses, hopes, dreams, and fears of many investors. Hence, the bond market can be fallible and, in fact, has been so—in