Economic Comment

Today the U.S. issued 30-year Treasury Bonds for the first time in many years. There was good news and bad news.

The good news: After six years of work, President Bush has succeeded at regaining world confidence in the U.S. economy. It was sliding into chaos when he took office.

The bad news: With this issue, a yield curve inversion from fed funds all the way out to 30 years showed up on the spot. Inversions often precede recessions.

It's bitter-sweet.