Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: ild who wrote (31662)	6/7/2005 3:38:24 PM
From: mishedlo	Read Replies (1) of 116555

The swift dip in the market is being attributed to comments from Atlanta Federal Reserve President Jack Guynn that he is "uncomfortable" with speculation in the housing market. He says: "In some markets -- I won't name individual cities in the Southeast -- the activity in residential real estate looks pretty speculative to me and that makes me very uncomfortable. I don't think this is sustainable. There is a very good chance that some lenders, some buyers and some builders will get burned from what I see in some of those submarkets." Guynn's remarks followed a voluble discussion of interest rate trends Monday night by Alan Greenspan. Speaking by satellite to a monetary conference in China, the Fed chief reiterated his mystification with the refusal of long-term rates to rise in tandem with short ones like the fed funds lever. Greenspan reviewed a number of explanations for the phenomenon but found none completely satisfactory. thestreet.com

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