John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Hawkmoon who wrote (7588)	2/20/2007 5:54:32 PM
From: John Pitera	Read Replies (1) of 33421

Hawk, The inflation comment in the first story reflects that the Fed has not raised short rates since June 2006. With Gold bumping back up in price and the USD selling off, there are some inflationary pressures in the economy. And there is still lots of liquidity around since the long rates are a little below the Fed funds rate and credits spreads are still fairly narrow versus US Govt debt and high grade corporate debt. The piece I posted yesterday on the high price that Private Equity paid for Univision, illustrates how the vast posts of liquidity are still applying upward pressure on a number of asset and asset classes. Art Cashin has just pointed out that the Private Equity privatization cycle has probably not run it's full course. I am curious to see what the Bank of Japan does later tonight. And as I pointed out with the nascent market in Real Estate swaps, the financial community is still finding ways of securitizing previously illiquid markets. This phenomenon has probably not run to the end of it's current growth cycle either. John

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