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  "documentTitle": "2024 Bond Cap USA report 2025 exhibits",
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  "notes": "The chart uses a long-term average line at 4.5% to contextualize the recent ZIRP era.",
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      "text": "Long-Term Average = 4.5%",
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      "kind": "chart",
      "text": "USA Long-Term Interest Rates (10-Year), 1871 – 2023",
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      "text": "Interest Rate: 4.5%",
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      "text": "1. While WWI began in 1914, the US entered in 1917. 2. While WWII began in 1939, the US entered in 1941. * Nominal interest rates unadjusted for impacts of inflation. Source: Robert Shiller, original from Market Volatility (Cambridge, MA: MIT Press, 1989), subsequent data updates at http://www.econ.yale.edu/~shiller/data.htm; US Treasury Department.",
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      "kind": "title",
      "text": "Nominal Interest Rates* (1871 – 2023) = 2000s & 2010s Declines Were Not Normal... Especially During Relatively Good Economic Times",
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