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

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To: marginmike who wrote (44915)	1/21/2006 12:35:46 PM
From: mishedlo	Read Replies (2) of 116555

Proof that the yield curve is significant? Fed's Lacker says yield curve fears overblown yahoo.reuters.com Wed Jan 18, 2006 02:11 PM ET BALTIMORE, Jan 18 (Reuters) - Richmond Federal Reserve President Jeffrey Lacker on Wednesday said fears the rise of short-term Treasury bond yields above long-term yields heralds an economic slowdown are unwarranted. In response to audience questions after a speech to a Towson University conference, Lacker said the situation differs from the 1960s, 1970s and early 1980s, when Federal Reserve credibility was weak and the component of the yield curve dictated by inflation expectations varied widely. "Some of the reaction, some of the discussion, reminds me of Medieval times when the arrival of a comet would spark a sort of apocalyptic hysteria. Concerns about inverted yield curves are somewhat overblown," said Lacker, who is a voting member on the rate-setting Federal Open Market Committee under this year's rotation.

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