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B4 the Bell, Toozleday Aug 10, 2004


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The Fed statement is mush. It mentions higher energy prices slowing employment growth (sounds dovish).

 

.... BUTT (_)_), it says the risks are balanced and monetary accommodation will continue to be withdrawn at a 'measured' pace. (Pasted in from last meeting's announcement, and implying further rate hikes).

 

All I know is that the market is a lot more fragile than in 1999/2000 ... and the percentage rate increases being contemplated are much larger. I don't think it will take four or five rate hikes to knock it down this time, as it did four years ago. It's already on the way down.

 

Read the mush for yo'self

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