Finding Sea Level For Interest Rates

Finding Sea Level For Interest Rates by Harley Bassman, PIMCO ?Investors should consider whether the interest rate swap market offers a more useful and effective benchmark rate – especially in the longer term – than the standard U.S. Treasury yield. An internationally accepted rate structure may make more sense as a benchmark for a global economy. It does not take an Einstein to recognize that most judgments in life are relative. Would the day be as hot, or the alarm clock as loud, if we couldn’t compare it with a cool, quiet morning? Would sweet exist without sour? Can a…