The period from October 1st, 1965, through March 31st, 1966, was noteworthy for the unusually violent fluctuations in all fixed-interest securities. Prices have declined sharply and yields increased. In the more volatile bond markets, the fluctuations have been in both directions and during most of March they have rallied in price from their early March lows. The story in the mortgage market is different.

The conclusion of this article will be foolhardy enough to make a few predictions and by publication date such predictions may be “way off the beam.” If that happens, we ask the reader’s indulgence since this was written in early April.