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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 683.39+0.5%Nov 28 4:00 PM EST
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To: dppl who wrote (25252)2/19/2000 5:35:00 PM
From: j g cordes  Read Replies (1) of 68474
 
Its odd the long bond rate went down, financial stocks went down with the rationalization that Greenspan's intent was to raise interest rates. What's really happening?

Here's a clue. Greenspan testified that he'd just as soon do away with the government bond market. It would do us all a lot of good by lowering taxes and making more sound other policies like social security. It could easily be replaced by private debt markets which work just as efficiently.

World markets have established trading relationships with the US bond central to calculations. By pulling the rug out from under the economic models, Greenspan caused uncertainty to paint a broader brush. It doesn't take a lot to pop balloons.. this market's been waiting for the pin of uncertainty for some time. It wasn't raising rates that provoked the reaction, it was the spectre of doing away with treasuries.
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