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Politics : Politics for Pros- moderated
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From: LindyBill11/3/2005 10:21:28 PM
   of 793939
 
Saxton is Right on the Money
By Kudlow Money Politic$

At today’s Joint Economic Committee hearing Chairman Jim Saxton (R-NJ) made more sense than Chairman Greenspan on the subject of bond rates.

Quite simply, Saxton asked Greenspan whether it is the low core inflation rate that is containing long-term bond rates. Saxton also suggested that the difference between today and the 1970’s is low core inflation.

Mr. Saxton has the story exactly right. No rigmarole about global savings gluts, government entitlement spending or deficits.

And the reason for low core inflation today? The Fed has made money relatively scarce.

I suspect one reason Mr. Saxton has the story right is the excellent advice he gets from his brilliant staff assistant Robert Keleher.
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