In principle, such information should be helpful in interpreting all manner of economic behavior, including the pricing of financial instruments and wage setting. As yet, I must admit that, in the eight months since the first issue, the volume of trade and the apparent lack of interest in related contracts on the futures market has been somewhat disappointing.
The Treasury’s strong commitment to this product, reflected in the range of maturities that have and will be sold and the volume of securities sold, should do much to foster this market, as will the growing realization by market participants that indexed debt will represent an increasing share of the nation’s debt obligations.