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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (7289)7/29/1999 11:38:00 PM
From: Hank Stamper  Read Replies (1) of 15132
 
"The spread between the yield on the futures
contracts and the fed funds target suggests investors expect the
Fed to raise the overnight bank lending rate again by October."

The real question is what is the Fed doing in open market operations. Is it monitising debt? Not any more and this means M3 is either stable or continues to grow at a much reduced rate. The open market operations, I believe, are an ongoing activity and reflect what the Fed "does" rather than what the Fed says.

To me the description of the current condition is: tight money has arrived, there are signs of signs of inflation, and distribution is taking place in the markets.

May we live in interesting times.

Ciao,
David Todtman
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