Treasury Secretary John Snow has a simple message to convey from the administration about the economy: Don't worry about it. When it comes to rising global interest rates, the disparity between relatively high short-term and relatively low long-term rates here in the U.S. and the country's burgeoning trade and budget deficits, the word from Snow is that those factors are overstated or a matter of shared responsibility. I spoke with Snow on Thursday during his visit to Silicon Valley about what some analysts view as gathering threats to the U.S. economy. TheStreet.com: We have indications of a global tightening in money supply in recent weeks. What effect will that have on the world economy?Snow: Well, one of the things I've made it a practice not to be commenting on is monetary policy in the U.S. or elsewhere ... but I will say that the global economy has benefited from the competence of monetary authorities around the world ... in pursuing stable price policies. As a result of good monetary policy here and abroad, we've enjoyed low inflation rates, and, more importantly, low anticipated inflation. With inflation and inflationary expectations well contained, it's created a favorable investment climate. So, you're not worried about rising interest rates? From the point of view of an economist and the monetary authorities, you want to avoid rising inflationary expectations. If the marketplace anticipates inflation, that will get factored into longer-term interest rates. Sustaining lower inflationary expectations is beneficial to investment and growth. In terms of the difference between short-term and long-term interest rates, we're starting to see an inverted yield curve, which has been linked in the past to recessions or economic slowdowns. How concerned are you and the administration about that? I don't think there's much predictive power in the inverted yield curve . And I think most economists agree that there's not much predictive power today in the relatively modest inversions that we've seen. You've always got to ask yourself the question, "What are the conditions that gave rise to the inversion?" to determine whether or not it signals something going forward. In this case, I don't think it does. And I think most economists agree that it doesn't. Because after all, this is a very slight inversion at just a couple of points on the curve, and it occurs at a time when both low-end and long-end rates are low.