The view that the Fed can take a measured approach is supported by the Greenspan testimony today -- he reiterated that the measured approach is really the right medicine here.
More Quotes from Sadakichi Robbins:
It was an extremely ugly auction. And that's something nobody wants to see, not the Street and certainly not Treasury, given the amount of borrowing they have to do.Sadakichi Robbins
The two together kind of make an evil witches' brew for Greenspan employment growth and price pressure. And there's the thought that 'what if the Fed is behind the curve,'
Sadakichi Robbins
I would say the market has been a bit sanguine about Friday's employment report, the consensus being 125,000, with a number of big shops looking for softer numbers than consensus than in the previous two months.
Sadakichi Robbins
The speculative sellers are looking for the big jobs number that will break us out the range (for yields).
Sadakichi Robbins
It's got people jittery that the Fed may drop the phrase this time, ... We don't think they'll mess with it because it would upset the market too much, but they could well get more upbeat on the labor market.
Sadakichi Robbins
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