Short Rates above or below the Inflation Rate?

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=82 style=" border-bottom: 3px solid #FF9900;" BGCOLOR="#006600" TEXT="#F7F7FF" bgproperties="fixed" background="7ce005521dwnpjk.jpg"> <div> <FONT SIZE="5" COLOR="#FFFFFF" FACE="Arial" ><B>InvestmentTools.com</B></FONT><FONT SIZE="2" COLOR="#000000" FACE="Arial" >  <style type="text/css">  </style> </FONT><FONT SIZE="2" COLOR="#CCCC99" FACE="Arial" > </FONT> |     <A HREF="https://investmenttools.com/" TARGET="_top" TITLE="https://investmenttools.com/">home</A></div> <div> <A HREF="https://investmenttools.com/the_home_of_investmenttools__the_com_tock_letter_and_tradingtools.htm" TARGET="_top" TITLE="https://investmenttools.com/the_home_"><B>About</B></A><B>   </B><A HREF="https://investmenttools.com/equities" TARGET="_top" TITLE="https://investmenttools.com/equities"><B>Equities</B></A><B>   </B><A HREF="https://investmenttools.com/futures" 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below the Inflation Rate?</B></div> <bR> <bR> <bR> <div> <B> <TABLE BORDER="2" CELLPADDING="2" CELLSPACING="1" WIDTH="428" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="ROWS" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="186"><div> <A HREF="#diff" TITLE="Short Rates above or below the Inflation"><FONT COLOR="#0033FF"><B>Fed Funds Rate minus Inflation Rate</B></FONT></A></div> </tD> <tD VALIGN=TOP><NOBR><div> <A HREF="#notes_" TITLE="Short Rates above or below the Inflation"><FONT COLOR="#0033FF"><B>Notes & Links</B></FONT></A></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="114"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="114" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="186"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="186" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP BGCOLOR=#DDDDDD WIDTH="112"><div> <A HREF="https://investmenttools.com/bonds/" TARGET="_top" TITLE="https://investmenttools.com/bonds/"><FONT COLOR="#003399"><B><IMG BORDER="0" SRC="Symb075c00b700c899330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">More Interest Rates</B></FONT></A></div> </tD> <tD VALIGN=TOP BGCOLOR=#DDDDDD><NOBR><div> <A HREF="index.htm" TARGET="_top" TITLE="The State"><FONT COLOR="#003399"><B><IMG BORDER="0" SRC="Symb075c00b700c899330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">More State</B></FONT></A></div> </NOBR></tD> </tR> </TABLE></B></div> <bR> <div> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="638" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="NONE" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 45 ><NOBR><div> <B>Difference between US Inflation Rate & Fed Funds Rate</B></div> <div> <B>Fed Funds green, Rate of Inflation red, difference yellow.</B></div> </NOBR></tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="diff"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 240 WIDTH="614"> <IMG SRC="../images/wstate/inflation_ff.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> <bR> <bR> </tD> <tD VALIGN=TOP WIDTH="13"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="240" ALIGN="bottom" WIDTH="13" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 30 WIDTH="614"><div> <B><IMG BORDER="0" SRC="Wing0a7300a800f03399ff00.png" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Notes & Links</B></div> </tD> <tD VALIGN=TOP><NOBR><div>  <A NAME="notes_"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 240 WIDTH="614"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="240" ALIGN="bottom" WIDTH="614" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="13"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="240" ALIGN="bottom" WIDTH="13" HSPACE="0" VSPACE="0"></tD> </tR> 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