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Interest Rates in the 1920s

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The prolonged bull market has renewed investors’ curiosity about the 1920s, as many recall George Santayana’s warning that those who cannot remember the past are condemned to repeat it. Much of the current attention focuses on factors underlying the stock market boom and the possibility of asset price inflation in equities; however, the bond market also provides some useful lessons.


Suggested citation: “Interest Rates in the 1920s,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-02, pp. 07, 02.01.1998.

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