... implications for global equities. GLOBAL INTEREST RATESFigure 8.18 compares the bond prices for the United States, Japan, and Britain for the last three months of 198 9 and the first two weeks of 199 0. ... pushed the U.S. wholesale inflation rate for 198 9 up to 4.8 percent, the highest inflation number since 198 1. The major culprit behind the surge in the GLOBAL INTEREST RATES 1 39 FIGURE 8.17 THE ... peaks in 192 9, 195 6, 196 1, 196 6, 197 2, and 197 6 were preceded by tops in British stocks.)Figure 8.7 compares the British and American markets during 198 6. The peak in the British market in the spring...