Bond markets may be sending us a warning on the economy
One of the first things we learned while getting trained in the bond-markets unit of First Bank St. Paul 35 years ago was that there's no such thing as one key interest rate.
The prime rate is nice to know, maybe, but along with so many other rates it became hard to keep track. What was important, and what the bank's veterans seemed to care about, was more the relationship between these various interest rates than what any particular bond paid in interest on a given day.
The other bi...