President's Message.

It is not uncommon to observe negative interest rates during uncertain times, when investors flee to safety. But the existence of negative market yields provides no support for policies in which central banks set negative interest rates on deposits held at a central bank.

Although this deficit has been rising steadily since the early 1990s, a "hard landing" for the U.S. economy is unlikely. One reason is that only in the United States can so many foreigners invest so much money and get such good returns.

In the cover story, stock market investors will find out why it's so important to distinguish between these two sides of randomness.

As in most crises, investors turned to Treasuries in droves over the past couple of years, even as yields declined.