Word: battipaglia
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Dates: during 1999-1999
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...Joseph Battipaglia, chairman of investment policy at Gruntal & Co., a major brokerage company, predicts an actual decline in the rate of the 30-year Treasury bond to around 5.75% by year's end and possibly to 5.5% sometime in 2000. Barton Biggs, chairman of Morgan Stanley Dean Witter Investment Management, is generally the most pessimistic of the board members, but on this subject he goes Battipaglia one better. His prediction: "A year from now [the 30-year Treasury rate] will be in the area...
...Battipaglia adds that "wage increases will be more than offset by productivity gains, despite the remarkably low U.S. unemployment rate--4.2% in May, matching a 29-year low--that might be expected to force pay and prices up faster. Employers will have less trouble than the jobless rate might suggest in finding the workers they need, he says, for three reasons. First, "you have had a tremendous amount of downsizing that freed up a lot of individuals who are now coming back" into the work force. Also, "second wage earners"--primarily wives and husbands--who may not have been counted...
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