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Commentaries — March 24, 1999

Understanding the Financial Markets in 1999 Part 3 – The Stock/Bond Relationship: Is NOT a De-coupling In this commentary we combined the themes detailed in parts 1 (nominal GDP is a better than inflation to compare interest rates against) and part 2 (the wealth effect is the driver of nominal GDP) to explain why the… Continue reading Untitled

Open Understanding the Financial Markets in 1999
Part 3 – The Stock/Bond Relationship: Is NOT a De-coupling
In this commentary we combined the themes detailed in parts 1 (nominal GDP is a better than inflation to compare interest rates against) and part 2 (the wealth effect is the driver of nominal GDP) to explain why the relationship between stock prices and interest rates has changed.