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

To: KyrosL who wrote (22562)	2/1/2005 9:26:01 AM
From: mishedlo	Respond to of 116555

Gold bugs need a dose of humility 321gold.com

To: KyrosL who wrote (22562)	2/1/2005 9:54:48 AM
From: mishedlo	Respond to of 116555

UK Dec final M4 up 0.7 pct from Nov; up 8.6 pct yr-on-yr Tuesday, February 1, 2005 9:49:08 AM afxpress.com LONDON (AFX) - M4 money supply was up 0.7 pct in December from the previous month on a seasonally adjusted basis, the Bank of England said in its final release The rise was revised down from the 0.9 pct increase registered in the provisional release In November, M4 increased by 0.6 pct month-on-month On a year-on-year basis, M4 increased 8.6 pct, down from November's 8.8 pct rise Here again the final release was lower than the 9.0 pct rise recorded in the provisional release M4 refers to "broad money," which includes cash and coins in circulation, bank deposits, and money market paper The Bank also reported that M4 lending expanded a seasonally adjusted 15.1 bln stg in December, down on the provisional figure of 18.7 bln. In November, M4 lending rose by 7.93 bln stg The 12-month growth rate was 11.0 pct, unchanged from November and revised down slightly from a rate of 11.2 given in the provisional release, the BoE said Excluding the effects of securitisations, M4 lending rose 20.2 bln stg, or 1.3 pct, in December M4 lending refers to sterling loans made by the central bank, banks and building societies to the private sector The full M4 release will be posted at the following website: www.bankofengland.co.uk

To: KyrosL who wrote (22562)	2/1/2005 11:40:57 AM
From: John Vosilla	Read Replies (4) \| Respond to of 116555

>>the Fed is not really raising rates<< Really??? Then how come the interest rate on short term government bonds and money market funds rises in lockstep with the Fed funds rate? What is confusing to me is in the face of a flattening yield curve I actually am seeing an acceleration in the desire of lenders to give me money. They continue to jump all over each other hounding me by any means possible to borrow. Surely not what I remember from the last tightening cycle in 1994. Maybe Elroy is on to something or business borrowing is so weak the lack of loan activity has to be made up somewhere?