Mises Daily
Author:
Frank Shostak
Online Publish Date:
In his testimony on June 9, 2005, before the Joint Economic Committee of the US Congress, Fed Chairman Alan Greenspan has again raised the issue of the divergence between the federal funds rate and long-term rates. Alan Greenspan views this divergence as a puzzle. At the end of May the yield on the 10-year Treasury-Note stood at 4%—well below the