Re: Re: Re: Re: Re: U.S. Monetary Policy

[Doug Henwood]

Michael Perelman wrote:

>As I recall the explanation, long-term capital investment depends upon
>long-term rates, while short-term consumption is affected by short-term
>rates.  In fact, of course, investment is pretty insensitive to interest
>rates.

Was this before the yield curve was seen as a leading indicator of 
economic activity?

Doug