Peter Fisher, managing director of Blackrock's fixed income fund, spoke at Vanderbilt yesterday. He said that we cannot rely on lower interest rates to boost the economy because they are as low as they can go.
Peter wanted the President's budget to give re-assurance to investors by reducing our long run liabilities (spending). I suspect that he was disappointed.
Is this a function of demographic shifts or is it a result of leaving the gold standard and the Fed holding down interest rates?
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