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Bills Yielding Zero as Stocks Soar Make 1938 Moment

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"or the first time in seven decades, Treasury bills are paying no interest while stocks continue to appreciate -- a divergence in U.S. financial markets that might be perilous if Federal Reserve Chairman Ben S. Bernanke didn’t know all about 1938," according to Bloomberg. "That’s when the Standard & Poor’s 500 Index climbed 25 percent even as bill rates tumbled to 0.05 percent from 0.45 percent. As 1939 began, stocks began a three-year, 34 percent decline after the Fed increased borrowing costs prematurely to stymie inflation that never materialized." But that can't happen again because Bernanke is a "Great Depression buff."
SOURCE:   Bloomberg