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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (119)	2/17/2004 11:27:32 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

A record number of investors view global government bonds as overvalued, according to the managers of about $1 trillion surveyed by Merrill Lynch & Co. A net 70 percent of equity fund managers in February said bonds are overvalued, up from 61 percent last month, Merrill Lynch said. A net 50 percent of bond investors came to the same conclusion, up from 42 percent last month, the survey showed. Greg, where does that quote come from. It does not match the link Thanks M

To: Wyätt Gwyön who wrote (119)	2/17/2004 11:28:32 AM
From: mishedlo	Read Replies (2) \| Respond to of 116555

treasuries bloomberg.com Treasury Note Yields Hold Near the Lowest in 3 Weeks on Foreign Purchases Foreign governments led by Japan and investors bought a net $29.8 billion of U.S. notes in December, after almost tripling their purchases a month earlier, according to the Treasury Department. Japan spent record amounts of its currency last year to purchase dollars and slow a 14 percent gain in the yen. Most of the proceeds from the yen sales were invested in U.S. bonds. Treasury yields aren't going up because of ``the Bank of Japan, the Bank of Japan, the Bank of Japan' said Ray Attrill, a director at 4Cast Ltd., a London-based economic analysis company, in an interview. Treasuries are being supported ``by the ferocious appetite of the Japanese for buying simply because they're buying dollars to stop the dollar-yen rate going down.' The Bank of Japan spent a monthly record of 7.15 trillion yen in January. The yen was at 105.58 yen per dollar in New York, according to EBS. Industrial Production A Fed report today showed industrial production rose 0.8 percent in January, compared withno change in December. The proportion of industrial capacity in use rose to 76.2 percent from 75.6 percent. The rate is down from 83.5 percent in mid- 2000. ``There's still a lot of excess capacity, and if that's the case the Fed can be on hold,' said 1st Source's Gifford. ``Clearly the chairman intends to let the economy run longer than we had thought,' Steven Ricchiuto, the firm's chief economist in New York wrote in a research note to investors. ``A more accommodative policy stance in 2004 reduces the risks that the economy could surprise to the downside in the period ahead.'