The Minutes of Howard Marks on interest rates https://minutesof.com/howard-marks/on/interest-rates/ Everything Howard Marks has said on interest rates: 5 verbatim quotes between October 2023 and March 2026, each with a timestamp and a link to the… en Sun, 30 Aug 2026 16:22:27 +0000 Marks describes personal borrowing rates falling from 22.25% in 1980 to 2.25% in 2020. https://minutesof.com/q/2310ec08-7a31-49b5-a44b-ce949ccf4162/ https://minutesof.com/q/2310ec08-7a31-49b5-a44b-ce949ccf4162/ “And forty years later in 2020, I was able to borrow at two and a quarter fixed for fifteen years.” — Pepperdine University Mon, 02 Mar 2026 19:34:48 +0000 interest rates Marks describes Fed funds rate declining from 20% in 1980 to zero forty years later as dominant financial fact https://minutesof.com/q/730c36ab-073e-476d-aee5-323159b07026/ https://minutesof.com/q/730c36ab-073e-476d-aee5-323159b07026/ “Forty years later, the Fed funds rate was zero, and I had a loan outstanding from bank at two and a quarter.” — David Rubenstein Wed, 04 Oct 2023 12:46:10 +0000 interest rates Marks says interest rates fell 20 percentage points from 1980 to 2020, the most important financial event in f https://minutesof.com/q/913ddd48-663c-45a9-bd56-b73c8a328b0c/ https://minutesof.com/q/913ddd48-663c-45a9-bd56-b73c8a328b0c/ “So the decline of interest rates by 20 percentage points over that period was a dominant factor in the financial world.” — David Rubenstein Wed, 04 Oct 2023 12:46:10 +0000 interest rates Marks forecasts Fed funds rate will settle between two and four percent, not zero to two. https://minutesof.com/q/a2cfb255-5998-4896-9e5d-c0f3bb57a9ee/ https://minutesof.com/q/a2cfb255-5998-4896-9e5d-c0f3bb57a9ee/ “what I said in the memo is that rates are likely to be between two and four, not between zero and two, the Fed funds rate.” — David Rubenstein Wed, 04 Oct 2023 12:46:10 +0000 interest rates Marks illustrates how refinancing environment shifted from 800 million at 5% to 500 million at 8%. https://minutesof.com/q/8e20e839-310f-4ca8-91b4-f70f9beea467/ https://minutesof.com/q/8e20e839-310f-4ca8-91b4-f70f9beea467/ “You went to the bank. They said we'll lend you 800,000,000 at 5%. Now the loan is up for renewal. You go in. They say, fine. We'll lend you 500,000,000 at 8%.” — David Rubenstein Wed, 04 Oct 2023 12:46:10 +0000 interest rates