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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (5808)	3/8/2002 3:17:38 PM
From: Chip McVickar	Read Replies (2) of 33421

John, Not sure if you've posted this article...? pimco.com Fed Focus Paul McCulley \| March 2002 "Mr. Greenspan declared plainly that the CAPRI is higher, not lower, than today’s inflation rate. To wit, he wants aggregate demand to firm sufficiently for companies to be able to “take back” prevailing price discounts. That’s the “take back” that is on his mind, not the bond market’s fear of a “take back” of last year’s easing. Simply put, and this is probably the clearest asset allocation call you’ll ever hear from him, Mr. Greenspan wants stocks to outperform bonds in the quarters ahead. And he’s willing to underwrite a cyclical increase in inflation to bring about that outcome. In fact, one day after testifying before Congress to this effect, Mr. Greenspan reinforced his stocks-over-bonds asset preference in a philosophical speech (that the media essentially ignored) to the Labor Department’s 2002 National Summit on Retirement Savings:......"

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