Eugene, yep. John Chambers spreads 'cheer' again: 3 more quarters. What does HE know, it's foggy in London...
Message 15562050
Have you seen what else Dr ED said...
Sunday afternoon, March 25, 2001
COMMENT: They just don't listen! The folks at the Fed should have cut the
federal funds rate by more than 50 basis points on March 20. In my opinion,
75--even better 100--would have put them ahead of the recession/deflation
curve. Of course, it's not too late. They still have 500 basis points left.
They can catch up if they cut again before their next official meeting on
May 15. They left the door open for such a move in their March 20 press
release: "...the Federal Reserve will need to monitor developments closely."
They can do so on my HOME page, where they'll find a new daily 40-page chart
review of global financial markets, and also KEY WEEKLY economic indicators.
They'll see that there is a dangerous bear market in stocks around the world
and that foreign currencies are falling fast. The yen is still above it's
1998 low, but it could get there quickly as the Bank of Japan starts to drop
yen all over Tokyo. Commodity prices have a deflationary tilt, especially
copper, silver, and gold. The weekly initial jobless claims charts show that
the recession is spreading quickly around the country, with a big jump
recently in California. The Fed folks should also have a look at the rapidly
deteriorating weekly consensus expected earnings charts.
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