If gross domestic product prints 2.75 or 3 percent, it's broadly where the market is. People put very little weight on the fact that any pressure on inflation in the U.S. is quite modest and that's breeding low and steady bond yields.
More Quotes from Rory Robertson:
It's too early to say with great confidence that things are definitely getting worse, but if we get another month or two of payrolls declines, there won't be any shortage of people saying a double dip has started.Rory Robertson
The thing that helped the economy so much was a drop in interest rates, which meant lower mortgage rates, which meant consumers have been able to tap the wealth in their homes by refinancing and taking equity out of their homes. With rates having backed up so sharply, refinancing is not such a bargain any more.
Rory Robertson
Unemployment at 6 percent means the Fed has just lost six full years of progress towards lower unemployment in just six quarters. With its preferred measure of core inflation at the lowest level since the 1960s, the Fed probably requires a run of monthly payroll gains of 150,000 to 200,000 before it will feel any real need to tighten.
Rory Robertson
If the economy and equity markets ... remain weak post-Iraq, the Fed will be forced to cut rates further, but that's not something Greenspan will be keen to chat about. The Fed clearly feels that part of its job is to whistle a happy tune.
Rory Robertson
At the corporate level, the big downturn in equity prices has smashed company pension funds, forcing companies to put more money back into their pension plans. Anything that helps to stop the downturn in equities could be helpful.
Rory Robertson
After a long period of inactivity, the tide looks to be turning on the local interest-rate front.
Rory Robertson
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