Word: baumohl
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Dates: during 1990-1999
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Moved PermanentlyMoved PermanentlyFortune Investor Data"This is the big break the markets have been waiting for after a week of bad news," says TIME senior economics reporter Bernard Baumohl. "The pace of new job creation for August is less than what economists had forecast, and the pressure on wages has been slight." That spells low inflation, notes Baumohl, and it means that worries about another Fed rate hike this year have been, if not entirely put to rest, at least sent upstairs for a nice long nap. Burgers? Hey, why not break out the steaks...
Moved PermanentlyMoved PermanentlyFortune Investor Data"It?s just more good news," says TIME senior economics reporter Bernard Baumohl (although that wasn't immediately reflected in the market, which took profits from Wednesday?s record close). "This takes even more pressure off the Fed to raise rates again anytime soon; the economy seems to be slowing down just as it hoped." Thursday?s report isn?t a guarantee, though. Most of the slowdown was due to the trade deficit; imports aren?t counted in the GDP, although they do show up in the overall economy when cash-loaded consumers head...
...nudge in the now-neutral bias -? the markets may now exhale, slump a little, and get back to fundamentals. "The good news is that Greenspan remains ahead of the curve, acting promptly to hold down inflation just like he said he would," says TIME senior economics reporter Bernard Baumohl. "But the markets had their rally Monday ?- and most of the time it?s ?buy on the rumor, sell on the news.?" But any bout of post-ratem profit-taking isn?t likely to last long -? after all, corporate earnings are coming soon (and looking promising). Even better, Greenspan...
Moved PermanentlyMoved PermanentlyFortune Investor Data"For the Fed to raise again this year, there?d have to be extremely clear signs that the economy was growing too fast," says Baumohl. "He wants to preserve some liquidity for Y2K, and he wants to stay in the background when the political season heats up and everyone?s fighting about tax cuts." That?s just fine with the markets ?- they hate politics anyway. The only thing that might have spoiled their party is if Greenspan hadn?t raised rates -- good news like that, if it?s unexpected, can only cause a ruckus. "That...
Moved PermanentlyMoved PermanentlyFortune Investor DataBut that doesn?t necessarily mean that confidence will still be there at 2:15 p.m. (ET) Tuesday, when The Great Greenspan clears his throat. "There?s always that bit of uncertainty as the day draws near," Baumohl says. Come noon, along with the profit-taking from Monday to contend with, there?ll be plenty of investors who don?t feel quite as smart as they did the day before. No hike? Twice the hike? Rally? Sell-off? Stay out of it until Greenspan?s gospel (2:15 p.m.) is fully digested. For the record...