It was an incredible session, a testimony to nothing else other than volatility led by hedge- fund position activity. |
It was days ago Greenspan told Congress there was not a credit crunch in the economy. |
It's hard to quantify, |
It's impressive, but it's probably technical. We still have these accounting questions. |
January could prove to be a very difficult month for bonds, just as December was. Long-term interest rates rose anywhere from 35 to 40 basis points last month, and we're obviously starting January on a very weak -- if not suspect -- note. |
Liquidation, liquidation, and more liquidation, ... It's a steady drumbeat of selling across the curve. |
makes it a little easier to push prices around. |
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That type of growth is not sustainable, and we're headed to a more moderate pace this year. |
The auction had a lukewarm reception. |
The benign performance at the wholesale level may not necessarily wash through at the retail level. But there is no doubt that there is good news for U.S. consumers in the context of declining food and energy prices. |
The big influence on bonds is stocks' ability to move higher, |
The bottom line message is that the labor market activity remains robust, and that's not the environment that would suggest a need for a Fed rate cut. |
The claims numbers are suggesting that the worst of the labor market conditions are behind us and that there's actually some modest improvement in relative terms as the year comes to a close, |