Another week with no market-moving news, and bond traders still in the cheerful state they call "death watch," waiting for the Fed's formal launch of the second round of quantitative easing (call it QE2) on Nov. 3. Why the anxiety over something that's supposed to be good news? A lot of money has been bet on lower rates to come, but that wagering has already driven rates down. If there is anything disappointing in the Fed's announcement (magnitude, duration, objective) ... thus life ends for wrong-side traders. The New York Fed's Bill Dudley: "The momentum of recovery has slowed ... the current situation is wholly unsatisfactory." Dudley pointed to steady deceleration from 2009's 3.25 percent U.S. gross domestic product gains to 2.75 percent in early 2010 and, "most likely ... even slower ..." As we stumble through this unprecedented predicament, there is a model for success, or at least how to try to succeed. And, no, it's not one of Harvard...
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