You can never trust a central banker's words. Their public statements are
like inkblots - you see what you want. The bond market is baying for
another round of tightening; we'll see if they get what they want.
Doug
Doug Henwood [[EMAIL PROTECTED]]
Left Business Observer
212-874-4020 (voice)
212-874-3137 (fax)
On Sat, 26 Feb 1994 [EMAIL PROTECTED] wrote:
> It's time to see how far the Fed can be pushed. Build up
> some liquidity. Maybe spread some rumors of imminent Fed
> action and sell short on the "inside information." But
> Greenspan insists he's not intimidated because "wages
> do not seem to be accelerating despite scattered reports
> of some skilled-worker shortages, and advances in
> productivity early this year are holding down unit labor
> costs" (quoted in the New York Times, February 23, p. C4).
> So what's determining interest rates?
>
>
