It reduces the rate of return on that 6.5 trillion hiding in money-market accounts. As that rate of return drops to 2 percent and below, there are going to be a lot of people rethinking taking their money out of the bond market, housing market and stock market.
More Quotes from Wayne Angell:
I've never seen a time when there's been such a blow-up of the kind of risk to the U.S. economy. We've taken a 2 percent trade drag for the first three quarters of 1998 and yet we're still averaging a 3.25 percent growth rate for these first three quarters.Wayne Angell
Alan Greenspan tends to give a tougher talk in a speech when he is not going to raise rates than he does when he is going to raise rates. He either barks or he bites, and I think he is barking.
Wayne Angell
This confidence report increases the likelihood rates will be moved down another half percentage point to 2.5 percent. That's going to increase the likelihood of an improvement in economic conditions next year.
Wayne Angell
Bush has been more open to having more of a bipartisan board than I've seen before. I didn't even give a moment's thought that Clinton would reappoint me.
Wayne Angell
The Federal Reserve engages in a series of rate hikes at the tail end of an expansion when inflation is accelerating. What the Federal Reserve has done today is they made that less likely and thereby this expansion is more apt to go on as long as the year 2000.
Wayne Angell
We're not likely to get the bond yield moving through that 4.75 percent level until we get past all this turmoil that is now in the market.
Wayne Angell
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