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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Henry Volquardsen who wrote (2042)	8/10/1999 10:59:00 PM
From: Chip McVickar	of 3536

Thanks Henry, You put that down a lot better then any article I've read to date! I noted in the WSJ that the "supply of treasuries is slipping, thanks to the rosy federal budget picture, causing Treasury yields to look artificially low. That is why the widening spreads between the yields on safe and risky bonds may not suggest an overall problem in the economy." Greenspan is changing the playing field and these higher yields are capturing peoples attention. I didn't know if this was orchestrated or coming from outside the control of the FED. But Greenspan must be pleased in any event. He's running gauntlet again and trying to steal home while a run down is taking place between first and second base. I think he'll have to go back to third.<<chuckle>> Looking backwards....going short bond futures in Oct '98 seems to be an easy positional choice. I was asking myself if anything at that time signaled one to do just that...? But at the time I remember thinking they'd be going lower and closer to 4.00...never knocking on 6.5%. So it goes. 7%..hmmmmmmmm.....'ridiculous' I'm going to read that again in the morning? Chip

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