Word: biases
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...Greenspan is watching. Just as nearly everyone expected, the Fed passed on an interest-rate hike Tuesday; however, it did shift its "policy bias" from neutral to slightly worried. "While the FOMC [Federal Open Market Committee] did not take action today," the Fed said afterward, "the committee was concerned about the potential for a buildup of inflationary imbalances that could undermine the favorable performance of the economy." Though they couldn't have been surprised, stock marketeers did gulp a little, sending the Dow down 50 points or so after the afternoon announcement. By the end of trading...
...PermanentlyMoved PermanentlyFortune Investor DataThe overall outcome? Don't sweat it, folks. "Once they digest this news, the markets will go right back up," says TIME senior economics reporter Bernard Baumohl. "What they'll realize is that only once in recent memory did the Fed actually raise rates following a bias shift in that direction." Of course, this walk-on-water economy of ours hasn't given Greenspan cause to raise rates in quite a while either; the fear is that that could change. Baumohl says Greenspan, as always, will wait and see. "Those price numbers were just the whiff...
Moved PermanentlyMoved PermanentlyFortune Investor DataFew expect Greenspan to do anything drastic like actually raise rates; the current guessing game is about which way he'll lean in his inaction. A so-called tightening bias would mean Father Fed has his finger on the rate-hike trigger -? which of course, to the markets' pricked-up ears, will be a strong signal that the Fed is taking inflation seriously again. That itself may be enough to push up rates on the Street, and indeed, such a virtual rate hike may be just what Greenspan has in mind to cool off the economy...
...those guesses depend on such variables as the speed of economic growth, the future pace of inflation and the course of the stock market--all notoriously difficult to predict even a year ahead. Estimates clash so sharply as to invite suspicion that they are shaped more by political bias than by analysis...
...floors of the show--it starts at the top and, taking advantage of gravity, goes downward--seem more interesting than the third. That's not the art's fault, but it goes a long way toward fixing the imbalance in Americans' views of their own past art--a bias summarized in the silly idea that American modernism was creeping around in larval form until after World War II, when Pollock, de Kooning et al. spread their redeeming wings...