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...

Fire!

Contributed by mm | June 29, 2005 6:59 AM PST





In Bill Gross' mind, an eventual fall is inevitable. I agree.

From PIMCO:

If the asset pumps run dry and the kerosene cans empty, the inevitable path of the U.S. economy will reflect slow growth at best and recession as a realistic alternative. Inflation then would return to low 1% levels in the ensuing years and be pressing the deflationary crossover line. Nominal Treasury paper would enter the 3-4% zone for 10-year maturities and lower still for shorter intermediates. Such an analysis argues for capturing yield via duration extension now in the face of admittedly artificially low current yields. If Rome burns, long maturity bonds will rule the day and that day may come sooner than many imagine possible.

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EU Joblessness Is Poised to Worsen (July 4, 2005)
Europe is certainly in dire situation.
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The bond market responded by moving long-term rate in the opposite direction. Still a condundrum for Mr. Greenspan.
Bubble Over Troubled Waters (June 29, 2005)
Plausible but invalid argument, fair and square.
Low Rates Could Be Around for Long Term (June 27, 2005)
It appears that the flatter yield curve still puzzles Mr. Greenspan.

Read all 31 articles in the same category.

Read More ... All Other Posts In The Same Category

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07/10/05 | Hiring Pace Picked Up Last Month
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