S C H W A B C E N T E R F O R F I N A N C I A L R E S E A ...

level of current and expected interest rates observed. in the market during the twelve months ending. March, 2009. These levels are much lower than what. has been experienced historically, especially in the. high interest-rate environment of the early 1980’s. Consequently, in addition to the lower stock-return ................
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