<Self-correcting market> You hit it on the head...obviously, much more direct, immediate impact in housing industry/rise in interest rates...than in other areas (retail sales, commodities, etc.)
If we weren't confident of a no rate hike/no bias revision earlier, today's housing should seal the deal...No way the Fed moves...too much conflicting data about what is really happening...deflation still a real force out there...
Jawboning from Greenspan, Rivelin has been amazing effective..
As you stated, market has done their work for them....
Japan's (rest of world) "recovery" overrated...growth is going to be weak around the world the next few quarters..this will become increasingly clear...
Oil spiked at $18, will be range bound 14-18...so no more help to inflation hawks there...
Many people (still) underestimating the tremendous deflationary effect the internet will have over the next many years...it allows companies to lower costs, lower prices, pay workers more and STILL make more money....ideal environment...and it has only just begun...Most of world still using "old" system...
Big cap, big PE rally this aft. and tomorrow, and probably a bit on Thurs...and then we'll settle down...
No, I am not Joe Battapaglia... |
