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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Chip McVickar who wrote (1149)1/14/1999 12:24:00 AM
From: N  Read Replies (1) of 3536
 
Well, Chip...as you were saying, who knows? I leave you with this recent IMF remark:

We did see in financial markets in the late summer and early fall really
extraordinary developments and turbulence. A degree of movement in key asset
prices, including the U.S. treasury bond yield, the dollar-yen exchange
rate, equity prices and so forth, that seemed, at least to us--and I think
to most others--substantially out of proportion with the magnitude of the
triggering events that appeared to underlie those financial market
developments.
After all, the economy of the United States has in 1998 turned in what is in
many respects the best performance we have seen in certainly the last three
decades, and perhaps in this century. Why in the midst of exceptionally low
unemployment and exceptionally low inflation and rising productivity do we
suddenly see massive movements, 75 basis points, 65 basis points down, 40
basis points up, in the 30-year U.S. treasury bond yield? There's no big
threat of inflation such as we saw in the 1970s and 1980s.
So it is a bit of a mystery and a concern that so much turbulence in what
should be such large and deep financial markets appears not to have sort of
fundamental causes which match the magnitude of the turbulence that we are
observing.

Nancy
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