Ten-Year CDs Are the Latest Sign of a Yield Drought

Photograph by Robert Caplin for Bloomberg Businessweek

The other day, within seconds of escalating out of a north exit of New York’s Grand Central Station, I had one of those cosmically defining epiphanies: For all its recent bad press, JPMorgan Chase is one lucky-as-hell bank. Towering over the hubbub of 47th & Madison is the former world headquarters of Bear Stearns, the octagonal granite and glass tower capped by a 70-foot illuminated crown that Morgan inherited in its March 2008 takeunder of the collapsed investment bank.

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