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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (48942)	8/3/2002 10:25:13 PM
From: John Madarasz	of 209892

another reason that while i'm inclined to believe short term rallies pending will be somewhat robust in nature...duration will always be suspect till after this fall... let me alert you, Mr. Greenspan. The corporate market at the moment is close to full tilt, half frozen, trading on price - not yield. While you perhaps contently rest on the historical laurels of near 0 percent real Fed funds, its stimulation to the housing market, and your hopes for an eventual robust recovery, the cost of capital for corporations is nowhere near 13/4 percent or even that 6 percent level available to first time borrowers in the mortgage market. The cost of capital for Baa and lower corporations is in double digits. Aa and A companies can barely come to market. You sir, have a problem. If the cost of corporate capital skyrockets, the markets move the other way, and then of course, the economy follows pimco.com

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