Word: baumohl
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...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...
...Semion Mogilevitch. All this makes the Bank of New York look either complicit or stupid - and the IMF look just plain stupid, at least in the eyes of its congressional critics, who have been carping about profligate lending since the Asian crisis began. But TIME senior economics reporter Bernard Baumohl points out that the IMF?s Russian loans "are just as much political decisions as financial or economic ones - an unstable Russia is deemed too dangerous to abandon, and the loans help keep up ties with Washington." And just think ?- some of that cash is flowing right back into...
...record territory. And all this on the eve of a rate hike? Welcome to the "discount" rally. "It?s not so much whether Greenspan raises rates or not, it?s how sure they are that they know what he?s going to do," says TIME senior economics reporter Bernard Baumohl. "Right now they?re sure ? they?ve discounted for the rate hike over the past few sessions, and today the rally...
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...