The Fed Chairman would be very happy if the bond market did some of the tightening for him. And I think if we saw the long bond yield back above, say, 6.75 percent, edging towards 7 percent, that would limit some of the restraint the Fed would have to impose on the economy.
More Quotes from Alan Ruskin:
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.Alan Ruskin
It is not a big surprise, some of it is kind of a backlash to this saw-tooth pattern that we have seen in durable goods in the past -- July was weak and August was very strong and now September is relatively weak.
Alan Ruskin
To some extent, the bond market's trading pattern has not been resolved of late. This might provide some resolution, and I think it is going to be resolved in terms of higher yields,
Alan Ruskin
As outgoing Fed chairman, he's clearly concerned about the asset cycle and the prospect the low concern on credit risk is going to be associated with a decline in asset prices down the track,
Alan Ruskin
Housing may be topping at the same time as consumer confidence is hurting from energy prices.
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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