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2008-06-09 — blogspot.com
I have strong doubts the Fed is going to hike given that any hikes will add to the wreckage in housing. However, if the Fed does hike, it will be for one reason only: It was forced to by the markets. It sure won't be because of a strengthening economy. One day does not necessarily prove much, but the fact that there was no selloff in the long bond today in spite of a massive move in the 2's may be telling. The supply of Treasuries given the fiscal deficit and Fed laundering facilities has reached tsunami proportions; around here we had been expecting this for quite a few months. The rubicon may have been crossed, as far as the market is concerned. source article | permalink | discuss | subscribe by: | RSS | email Comments: Be the first to add a comment add a comment | go to forum thread Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately. |