by Calculated Risk on 5/03/2005 03:47:00 PM

For the first time since 2001, the spread between the Five Year Note and the Fed Funds Rate is less than 100 bps.

Click on graph for larger image.

This might indicate a slowing economy with a whiff of inflation.

Kash's "The Fed's Statement" provides a comparison between this statement and the previous statement from March.