When fixed-income investors conclude that the central bank isn't going to raise rates any time soon, ... there tends to be a convergence of rates.
Earnings are still going to grow as interest rates and inflation remain low.
It's been clear that the Fed concluded rates were too low,
The Fed stopped raising rates in 1995 and I think they will do so again in 2006.
The Fed's going to be raising rates because it realizes that good times will be followed by bad times, ... To have a rate of one percent whenever we have bad times again is simply not prudent.