n the United States have been highly variable over the 1995-1999 inclusive period, the magnitude of this variability has been relatively low. Thus, interest rates have tended to be relatively stable, shifting within a bracket approximating two percentage points. The 90-day Treasury bill rate in November 1996, as an example, was 5.4 percent, while the 90-day Treasury bill rate at the close on 11 October 1999 was 5.05 percent ("Data Bank," 1999). The effective management of inflation by the Federal Reserve, the introduction of fiscal stability in the operation of the federal government, and the efficiency of the capital markets in the United States largely explain interest rate stability in the United States during the inclusive 1995-1999 period (Makien, 1999).
From the perspective of the investment community, personal wealth will vary as the capital markets change. A rising stock and bond market typically means an increase in the value of personal investments. This, in turn, increases confidence levels and fuels spending. This is the situation that, for the most part, has prevailed
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