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To: Knighty Tin who wrote (137726)12/7/2001 10:24:39 PM
From: Mark Adams  Read Replies (3) | Respond to of 436258
 
I don’t, for secular reasons I will strongly argue shortly, expect any Fed tightening at all in 2002.

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Bottom Line

With the recession now nine months old and massive Fed easing behind us, the fixed income market is replaying nightmares of a Fed tightening “take back.” From a trading perspective, this is understandable: history repeats itself until it doesn’t. From an investment perspective, however, anticipating secular change is where the real money is made.

With secular victory over inflation achieved, and with secular productivity promises to be pursued, Greenspan has tightened for the last time of his career.


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