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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (7258)2/7/2004 9:51:43 PM
From: CalculatedRisk  Read Replies (2) of 110194
 
Mish, I was stunned that they would even suggest (at least openly) defending the dollar. The final statement did not include any wording suggesting that "... the dollar has slid far enough against the euro." Maybe that was just jawboning ... and that will not work.

In general, I agree with your analysis:

5) Will Europe be forced to cut? Ta da!!!!!!!!!!!!!!!

#5 is the winner my friends.

But which rates will be cut?

Britain has been hinting at raising rates!
money.guardian.co.uk

And the ECB deposit facility is already at 1%.
ecb.int

And the Bundesbank has just rejected a cut in interest rates:
story.news.yahoo.com

Quoting: Bundesbank chief Welteke shuts door on rate cut hopes
Tue Feb 3,11:47 AM ET

FRANKFURT (AFP) - European Central Bank governing council member Ernst Welteke effectively shut the door on hopes for a reduction in eurozone interest rates, saying that borrowing costs were already low and the strong euro would not hurt recovery.

"Nominal and real interest rates are low and there is no shortage of liquidity," Welteke, who also is president of the Bundesbank, said in a speech prepared for delivery in English at the British Chamber of Commerce here.

Very interesting times.
Best to all.
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