Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.570

+0.6%

Nov 10 3:59 PM EST

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To: Bill Wexler who wrote (6032)	1/12/2000 6:39:00 PM
From: Zeev Hed	Read Replies (1) of 10293

Bill, if we are indeed still running a budget surplus, then more bonds (plus interest) will be redeemed than reissued, thus that side of the equation should contribute rather soak liquidity. Add to that the liberalization of the Japanese Postal system and the result is IMHO, some $200 Billions in excess liquidity on an annual basis. One would think that such a situation will put downward pressure on bond rates, the fact that it does not implies that the market think that the FED will artificially keep higher rates than necessary. What for? I believe to leave them leeway to intervene drastically in the event of a financial accident, which is, IMHO, what worries the FED's a lot right now. Zeev

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