Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Joseph G. who wrote (3529)	7/31/1997 3:11:00 PM
From: Tom Trader	of 94695

>>Tom, they just sold 48 day t-bills today for 5.36% - why they're not at 3.36% if inflation is dead and everything's fine?<< Hi Joe--it is a very good question, to which I don't know the answer. I said the same thing to JT when he asked me why the long bond was not trading higher--don't know, the answer to that either. But I'd certainly not assume that it is because the return of inflation is imminent. Markets take time to achieve proper valuation--just as the stock market is over-valued by most definitions, may be the bonds are under-valued.

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