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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (12014)12/20/1997 10:13:00 PM
From: Zeev Hed  Read Replies (1) | Respond to of 18056
 
Tommaso, except that by lowering the short term rates, the fed will resteepen the curve. I think that Greenspan held the inrterest rates high (at least relative to inflation) just for the eventuality that a massive injection of liquidity would be required to stop and "unorderly" decline (we used to call these "panics"). Right now the market is still declining in an orderly manner, so I do not see Sg doing anything. If the dollars indeed gets as high as 140 yen/dollar, as I think it might over the next six months, then in late May early June we may see a change in the Feds stand (and thus my relatively bullish stand for the second half of 1998). Of course, event are getting so compressed in this market that these events may occur even earlier.

Zeev



To: Tommaso who wrote (12014)12/20/1997 10:37:00 PM
From: Thomas F. O'Connor  Read Replies (3) | Respond to of 18056
 
Tommasco:

Stand corrected. I meant a change in short term rates. But my point being that if a reduction in rates occurred, there would be a unexpected sharp rise in the markets and a very adverse effect on the shorts.

Best wishes


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