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higher interest rates???

I just ran across this quote from Richard Clarida of the Treasury Dept.

"We tend to think of automatic stabilizers in textbook
Keynesian terms, but a new automatic stabilizer for the
United States is the interaction between
long-term interest rates and mortgage refinancing."

I wonder what he will think if the bond market continues to sag.


--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael@xxxxxxxxxxxxxxxxx
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