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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (7163)	7/19/2005 7:15:21 PM
From: John Pitera	Read Replies (1) of 33421

07-19-05--Greenspan Will Stick to the Playbook -- Deutsche Bank: The question on the market's mind right now is, "What will Greenspan say?" Deutsche Bank believes the short answer is - nothing to rock the boat. The firm believes his comments are likely to be balanced: the economy is doing fine, and inflation is contained, but the Fed needs to remain on guard for the possibility that higher labor costs spill over into the price structure. The firm believes that if its economic growth and inflation forecasts are correct - above trend GDP growth followed by a mild up-creep in inflation - the Fed funds rate will have to enter mildly restrictive territory next year. The firm believes this means a Fed funds rate closer to 5.0%, and longer-term treasury yields will go up sharply when the financial markets realize that the Fed may go well past 4.0% on the funds rate. (Briefing.com) ------------------------------ this will probably be the case. John

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