On 9 Mar 2005 17:26:42 -0800, "J"  wrote:

>Look, mom, I can post random shit on soc.men, just like Hyerdahl....
>
>NEW YORK (Reuters) - U.S. Treasury debt prices slid on Wednesday while
>benchmark yields notched seven-month highs as traders saw stirrings of
>inflation in the Federal Reserve's beige book summary of economic
>conditions.
>
>Although the Fed said in the beige book that retail prices were
>generally flat or up only modestly, the report added that businesses
>continued to face rising input costs and that in some areas they saw
>greater ease in passing along those price increases to the consumer.
>
>The hint of rising prices was enough to crack the whip on a bond bear
>stampede that began on Tuesday, driven by technical selling and
>characterized by increasing unease about the risk of inflation.
>
>The benchmark 10-year Treasury note (US10YT=RR: Quote, Profile,
>Research) lost 1-1/32 in price, lifting yields to 4.52 percent from
>4.395 percent late on Tuesday, and to their highest level since late
>July.
>
>"You are seeing a major price correction, and it is being blamed on
>anything you see, including ... inflationary pressures," said Kathleen
>Stephansen, director of global economics at Credit Suisse First Boston
>in New York.
>
>"If you are concerned about inflationary pressures you can dig into
>what ever the beige book is telling you and that is enough to say 'We
>are going to get more inflationary pressures down the road,"' she said.
>
>Faster inflation would not only eat into the fixed returns offered by
>Treasuries, but could also force the Federal Reserve to raise
>short-term interest rates at a speedier pace.
>
>Sellers also may have taken a cue from Chicago Fed President Michael
>Moskow, who said that low long-term yields remain a conundrum despite
>the Fed having tightened official interest rates by 150 basis points
>since last June.
>
>Moskow said that with the U.S. expansion firmly in place, "the issue of
>inflation becomes increasingly important."
>
>Chart watchers were now looking for the yield on the 10-year note to
>rise to the 4.53/55 percent area and perhaps even to return to last
>year's highs above 4.80 percent.
>
>"This is looking like a watershed for the market here," said Sadakichi
>Robbins, head of global fixed-income trading at Bank Julius Baer. "The
>clear break of the range augurs much higher yields and could well force
>convexity hedging from the mortgage guys."
>
>There was some relief that a $15 billion auction of new U.S. government
>paper drew reasonable demand. The Chicago Fed's Moskow did say the
>process of raising rates would likely remain "measured" -- shorthand
>for quarter-percentage point hikes.
>
>© Reuters 2004. All Rights Reserved.


And let's not even get into the bitter Susan B. Anthony dollar...


--------------------------------------
grizzlieantagonist{at}yahoo.com

"Ladies and gentlemen - let's have a round of applause for tonight's
player of the game - FRAN-CIS-CO SAN-N-N-N-TOS!
    - Brian Anthony (P.A. announcer at Grizzlie Stadium), June 11, 2004


"Populus me sibilat, at mihi plaudo."(The people
hiss at me, but I am well satisfied with myself).

    - Horace, the Roman poet


Logical positivism, dominant in American and
British universities, is suicidally bent upon
establishing the impossibility of knowing any-
thing.  (As Wyndham Lewis suggested in "Self
Condemned", the neo-positivist pedant reduces
himself to a mosquito, able to wound, nearly
invulnerable to counter-assault - but only an
insect, not a man).

     - Russell Kirk, Enemies of the Permanent
       Things


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