Alan Ruskin
Alan Ruskin
bond broader confused cross influences stick trend view
These cross influences are confused enough that one has to stick with the broader trend that we still view as bond negative.
bond concern fed growth happened higher imposed inflation lower setting terms top weaker
My concern is that what's happened here is that inflation is higher than the Fed anticipated. On top of that, the kind of tightening already imposed by the markets, in terms of lower equities and higher bond yields, is setting up weaker growth in 2005.
bond higher might pattern provide resolved terms trading
To some extent, the bond market's trading pattern has not been resolved of late. This might provide some resolution, and I think it is going to be resolved in terms of higher yields,
bond cheerful market peculiar plenty seem situation
We have a peculiar situation in which the shoppers seem to feel there is plenty to be cheerful about but the bond market is much more cautious.
again appears bond bullish consistent data generating market reaction soft strong
Once again soft data appears to be generating more reaction in the bond market than strong data -- consistent with the bullish undertone.
bond chairman fed happy market
The Fed Chairman would be very happy if the bond market did some of the tightening for him,
caught market minutes somewhat
These minutes have caught the market somewhat off-guard,
below data decent dominated employment october rising services since soft tend third time trends weakness
Employment slipped for the third time since November, and is now back below October levels, ... Since weakness in services employment has dominated the soft employment trends in this cycle, this data will tend to deflate rising expectations of a decent payrolls number.
adding consumer either energy far goods producer quite rather sign
Quite clearly, energy is still adding to consumer prices, but everything else is rather subdued, ... As far as goods are concerned, either at the consumer or producer level, their is no sign of inflation.
assessment doubt impact profound region risk
There should be no doubt that instability in the region should have a profound impact on the long-term risk assessment globally.
attention clearly data dollar expect fed giving market quickly shift
While the data is clearly dollar positive, I would expect that the market will quickly shift back to the attention it is giving to Fed policy.
feels fresh require
It feels to me it will require something fresh to really get it going again.
change dollar fact guard mere per presidents seen snow
I don't think per se jettisoning Snow would be seen as dollar negative. The mere fact that we've got a change of guard isn't necessarily dollar negative. These things happen. Presidents do change personnel.
believe giving people pressure selling stand underlying
I don't think people want to stand in the way of this even if they believe there's underlying value. With equities giving it a kick, you're getting more selling pressure as well.