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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Oblomov who wrote (6159)	5/22/2002 9:18:27 AM
From: John Pitera	Respond to of 33421

11:20 ET 10-year: +7/32..5.169%....GNMAs: +5/32....$-¥: 123.94....Euro-$: 0.9197 While we certainly understand the curve steepening bias on the back of the flight to quality concerns surrounding the recent terrorist warnings and the conflict between India and Pakistan, the inflation implications of a weaker dollar seem overdone. As we have mentioned before, recent research out of Merrill Lynch suggests that a 10% depreciation of the dollar would have virtually no immediate effect on US inflation. In addition, when the dollar declined almost 40% between March 1985 and March 1988, core inflation remained unchanged, while interest rates fell and stock prices surged higher. --- Briefing