June 05, 2003

The witches brew recommended by Keynesian crankonomics isn't working. The market continues to shake out misallocated capital and labor from the Fed. induced bubble of the late 1990s. U.S. factory orders are down in the biggest drop since 2001, unemployment claims are up, and:

The yield on the benchmark 10-year note dropped to a low of 3.24 percent, its lowest level in 45 years.

From a Reuters report.

Posted by Greg Ransom