SAN FRANCISCO - Interest rate watcher James Grant said he is beginning to question the widely held view that interest rates will continue downward.

Pointing to near-term "watershed events" that will determine the direction of rates, such as the presidential election and resolution of the European currency crisis, Mr. Grant said, "More and more, I am becoming uncomfortable with the settled consensus view that [rates] will always fall."

Upcoming Conference

Mr. Grant, editor of Grant's Interest Rate Observer, issued the statement to publicize an upcoming conference for financial advisers. The conference. scheduled for Nov. 5 and 6 in San Francisco, is sponsored by Charles Schwab & Co. Mr. Grant will lead a workshop on interest rate projections.

Among other conference speakers will be Peter Lynch, former manager of the Fidelity Magellan Fund, and Walter Hoadley, former chief economist at the Bank of America and currently a senior research fellow at the Hoover Institution.

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