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Re: moore on term structure

Michael Perelman wrote:

>Is Doug saying the the fed cannot influence long term rates?

Heavens no. As the astrology columns used to say, with long rates, the Fed
can impel, but it can't compel. Or as Jim Grant once said, it can play an
engaging tune, but it can't make people dance. The fed can (strongly)
influence long rates, but not set with the precision that it can set the
funds rate - the bond traders have the last word.

Doug
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