Just as the market overshot on the downside in yield in MayJune, the risk is that it now overshoots on the upside.
More Quotes from 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
After a long period of inactivity, the tide looks to be turning on the local interest-rate front.
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I am skeptical that this time will be different.
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Obviously, a big rise in the core CPI would get the ball rolling toward another hike, but it's far from clear that will be the outcome.
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The economic data are what determine what the Fed will do today they don't see last night's result as a sea change.
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It leaves open the door for the Reserve Bank to raise official interest rates sooner rather than later.
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Based on Topics: Danger & Risk QuotesBased on Keywords: mayjune, overshoots, overshot
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