Interest Rates Take a Dive

No financial topic has been the subject of more consternation during the past three years than interest rates. And no wonder. The cost of borrowing money, which affects virtually every area of the economy, has been at the highest level since the Civil War. Last week's fran tic activity on Wall Street showed that professional investors believe that falling interest rates may drop even further. There is much less agreement, however, about their longer-range course.

Over the past 20 months, the key interest-rate measures have seemed to defy the best efforts of experts to...

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