I don't think people want to stand in the way of this even if they believe there's underlying value. With equities giving it a kick, you're getting more selling pressure as well.
More Quotes from Alan Ruskin:
I think (Fed officials have) found that they're in a lucky position where the inflation numbers are good enough that it's bought them some time (to postpone rate hikes),Alan Ruskin
His comments fit with the basic idea of a pause at a 5 or perhaps 5.25 funds rate - more likely the former, but with no presumption that this will be the peak in rates.
Alan Ruskin
The broader picture is there's some slowing in housing. It's certainly dollar-negative news.
Alan Ruskin
Non-farm payroll numbers of over 300,000 are pretty much consistent with economic growth of about 4 percent, (and) that's way above trend,
Alan Ruskin
The numbers Friday were slightly weaker than the original expectations, but after the Chicago PMI yesterday, traders were scaling back their expectations, ... it doesn't give the feel that the economy is falling off a cliff. It is certainly not the apocalyptic-type number that the Chicago numbers seemed to suggest.
Alan Ruskin
My concern is that what's happened here is that inflation is higher than the Fed anticipated. On top of that, the kind of tightening already imposed by the markets, in terms of lower equities and higher bond yields, is setting up weaker growth in 2005.
Alan Ruskin
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