"Is there any point to which you would wish to draw my attention ?"
"To the curious incident of the dog in the night-time."
"The dog did nothing in the nighttime. "
"That was the curious incident," remarked Sherlock Holmes.
—Sir Arthur Conan Doyle, in Silver Blaze
Economists these days are applying a kind of Sherlock Holmes logic to the strange case of interest rates. Like the watchdog who did not bark (thus signifying to Holmes that the crime he was investigating must have been an inside job, perpetrated by someone the dog knew), loan charges have been doing the opposite of what might...
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