Market Gems:Stocks w/Strong Earnings and High Tech. Rank Message Board

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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank

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To: Jenna who wrote ()	2/26/2000 11:19:00 AM
From: kendall harmon	of 120523

Padinha on Inflation, excerpts from his TSC piece <<(a) Final sales are still positively booming. Something called final sales to domestic purchasers (you can find this thing in Tables 1 and 3 of the GDP release) equal consumption plus investment (excluding inventories) plus government spending. This broadest measure of domestic demand rose 7.1% for all of 1999, which went down as the biggest yearly FSDP increase since 1988, and it accelerated to a 7.6% year-on-year pace during the fourth quarter from 7.3% during the third. This economy still has an absolutely tremendous amount of momentum. (b) The price measures ARE accelerating ... albeit slowly.... What do we know right now? (a) We know (at least we think we do) that the yield on the bond is headed lower. (b) We know (at least we think we do) that the central bank is going to hike rates at least a few more times. We know (at least we think we do) that financial conditions are still so accommodative that the rate of economic growth is unlikely to decelerate materially (if at all) anytime soon. What's the full story that squares those two? No one can tell you that right now. Maybe the core price measures tick up notably over the next few quarters but then tick back down. Maybe there's some kind of big financial crisis brewing. There IS a script out there that explains it all. The fact that we haven't yet come upon it doesn't mean it doesn't exist....>> (go to www.thestreet.com and subscribe, it is definitely worth it)

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