Word: bonding
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Chicago trader Peter Dunne, who works and sleeps to the sound of bond futures markets buzzing from Frankfurt to Tokyo, can attest to the global expansion of derivatives trading in the past four years alone. Dunne's working day has lengthened four hours over that stretch: he rises at 4:30 a.m. to get to the Chicago Board of Trade by 6 a.m. to begin the business of trading that can last until 9 p.m. The trading day for stocks and bonds has grown to marathon proportions as well. Sophia Ulanday, who sells U.S. stocks for Lehman Brothers in Hong...
...while some people have lost their jobs, Wall Street has become richer. Thanks to record sales of everything from derivatives to new stock and bond issues to merger financing, the pretax profits of U.S. brokers and investment banks zoomed to an unprecedented $8.9 billion last year. "I see no reason why 1994 won't be better than 1993," exults Sanford Weil, chairman of Travelers Cos., which owns Smith Barney Shearson. "We're having a great time...
...economy is strong. Production, sales, incomes are up. More people are finding jobs. Damn! Nobody on Wall Street would use those exact words; they sound too hardhearted. But the essential thought is voiced by many analysts trying to explain last week's sudden bust in the stock and bond markets (which is no easy job). In extenso, their reasoning goes like this: a strong economy threatens a revival of inflation, at least in the minds of the governors of the Federal Reserve Board. It also means higher interest rates: automatically, because of rising loan demand from business and consumers...
...called little guys have kept their cool. Rationally enough, most have stopped putting new money into stock or bond purchases, but few are rushing to sell. "I've done nothing," says Don Halbert, 41, a project leader and biologist with Abbott Labs in suburban Chicago. "I had a couple of stocks that were doing so well that at the beginning of last week I decided it was time to sell them. But then the market started to die, so I'm hanging on to everything," at least until prices recover a bit. After 2 1/2 years in the market, Aimee...
What happens next depends partly on what small investors do, how many speculative bond and stock holdings financed by borrowed money still have to be unwound -- and also, of course, on what the Fed does. One guess is that Greenspan may push rates up another half to three-quarters of a point but let it go at that. If so, the economy may slow somewhat, particularly as higher interest rates translate into more expensive mortgage, car-purchase and credit-card loans. Tyson, however, thinks any such effect would only balance forces that may be working for a faster expansion, keeping...