In the current episode, however, the more-distant forward rates declined at the same time that short-term rates were rising. Indeed, the tenth-year tranche, which yielded 6-1/2 percent last June, is now at about 5-1/4 percent.
I would like to raise two points in conclusion: The first point relates to the discussions regarding concentration. A lot is said about the people described as “tycoons”. It should be remembered that the “tycoons” are acting within the existing legal framework, and they have done nothing criminal.